Direct Line says it has saved young drivers more than £50 million by introducing black box trackers for car insurance.
The systems monitor the ‘quality’ of a person’s driving, based on their speed and smoothness, along with where and when each journey takes place.
If the score generated isn’t up to spec or could be improved, an overview is available, as well as over-the-phone tuition. This can help drivers up their score in specific areas.
Research by The Floow indicates that for every 100 low-scoring graduates, this coaching increases boosts their scores by around 30 percent. Overall, the system allows insurers to have a better understanding of the risk drivers pose and set premiums accordingly.
Let’s break that £50 million down into something tangible, shall we? Direct Line says that saving was made over the course of five years and two billion driving miles. Doing the maths, that’s an average saving of 2.5p per mile travelled.
Tot that up to an average year’s mileage and you get an annual saving of £250 per person.
“Working with The Floow has proved to be fantastic and we are delighted to have reached such a monumental milestone of scoring two billion miles,” said Annette Fox, head of telematics at Direct Line Group.
“We know that through data we will have a much better understanding of risk which will not only enable us to offer better premiums to young drivers, but we can help educate, inform and improve road safety overall.”