Insurance
Black boxes could add £200 to older drivers’ insurance premiums
Drivers aged 17-19 can save an average of £855 by having a black box, also known as telematics technology, fitted in their car.
However, motorists aged between 30 and 39 pay 22% or £127 more on average for their cover if they have a black box, MoneySuperMarket found.
And those aged 50 to 64 can see their premium increase by a whopping 71% or £226.
Telematic black boxes are small devices fitted in cars that monitor motorists’ driving habits.
Premiums can go up or down depending on how safely you drive.
MoneySuperMarket analysed 1.2 million car insurance enquiries and found drivers aged 17-19 using telematics boxes save an average pf £855 on a standard average premium of £2,079, while those aged 20—24 save an average of £383. Collectively, these two age groups make up two thirds of the telematics policies taken out.
It found financial advantages diminish the older the driver.
For those over 65, the average premium with telematics is £525 compared to £296 without telematics.
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, said: “If you’re under the age of 24, our research reveals that telematics could be a good option, with potential savings of up to £855.
“If you’re an older driver however, a telematics policy may not be the most cost-efficient way to take out a car insurance policy, which is why shopping around is so important – doing so can save you up to £250.”
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