insurethebox - in-car telematics cuts insurance premiums
05 Sep 2011
Telematics-based online Motor insurer insurethebox has released its first renewal statistics since going live last summer: Most of its policyholders were offered cuts in their insurance premiums compared to last year. Despite a 30% annual rise in car insurance prices generally, some savings came to as much as £800 or more.
insurethebox policyholders buy an initial 6,000 miles of cover. A small computer installed behind the dashboard, a ClearBox monitors their driving and assesses their performance by five different criteria. Good drivers are rewarded with extra mileage each month at no cost. Proving their own portal to each policyholder where they can check their performance and learn how they could do better.
According to insurethebox group CEO Mike Brockman, most of their policyholders have risen to the challenge of telematics and are making a big effort to drive safely, and those who do so are finding that their insurance is getting cheaper. "Our experience has absolutely justified our confidence in the concept. There are, of course, many other benefits to society such as safer roads and lower CO2 emissions as people drive more sensibly."
Launched in June 2010, insurethebox is the UK's largest telematics-based insurer with 40,000 policyholders.
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