Telematics insurance policies provide UK drivers with net savings in 2017
Octo Telematics, the number one global provider of telematics for the motor vehicle insurance industry, has released data revealing that, in 2017, drivers in the United Kingdom saved approximately 160 million pounds in car insurance costs through the adoption of usage-based insurance policies – an average saving of 167 pounds for every driver in the country.
Telematics insurance policies are rapidly increasing in popularity across the United Kingdom and many insurers are now able to automatically offer discounts of up to 20% to their clients. According to the Confused.com UK car insurance price index, vehicle insurance costs reached an average of £838 in the third quarter of 2017, while Ptolemus reports that there were 679,000 live policies in the UK in 2016 and over 959,000 are expected for 2017.
Cost of Vehicle Ownership in the UK
Indeed, the increasing adoption of telematics comes at a crucial time for motorists who have seen record increases in the costs of traditional insurance premiums, tax changes incrementing the cost of diesel vehicles and a range of fuel price increases. Moreover, in London, on top of the congestion charge, drivers with vehicles that do not meet the minimum European emission standards now also face a 10-pound T-charge. And then, of course, motorists continue to face steep maintenance and parking bills, as well as other costs associated with vehicle ownership.
Jonathan Hewett, Chief Marketing Officer, Octo Telematics pointed out how: “Driving is getting more and more expensive, particularly with large increases in car insurance, which is set to keep increasing in the New Year. More and more drivers are recognising the importance of querying their bills and saving where they can. Usage-based insurance can be the first step in keeping driving costs under control. In fact, with the prevalence of smartphones and telematics apps, saving 20% and more on insurance premiums can be just a download away.”
Octo Telematics is the largest and most experienced insurance telematics company in the world, transforming auto insurance through behavioural, contextual and driving analytics for more than 100 insurance partners.
Octo has more than 5.3 million connected users and the largest global database of telematics data, with over 175 billion miles of driving data collected and 433,000 crashes and insurance events analysed (data as of Sept. 30, 2017).