Telematics can save young drivers £438 on their car insurance
Comparison site MoneySuperMarket.com analysed 12.2 million car insurance quotes run on the site over 12 months and found motorists aged 17-19 stood to make the largest savings by opting for black box insurance over a standard policy.
Young drivers were also most likely to be offered a telematics policy when looking for insurance. Almost half (48.8%) of 17-19 year old were offered a telematics deal, followed by 28% of 20-24 year olds.
Within the 17-19 age group, female drivers were most quoted for telematics policies, making up almost a quarter (24.1%) of all telematics quotes.
Telematics policies serve to make motorists more aware of how they drive which in turn can make premiums cheaper.
A small black box device is fitted to the vehicle that is able to monitor a number of factors, such as the times of day you drive, how you accelerate and brake as well as monitoring what types of roads you use.
The driver is then able to monitor their progress online and can make any adjustments to their driving style accordingly.
There may be restrictions however, such as to the times in the day that you are able to drive and a limit on your annual mileage.
Kevin Pratt, car insurance expert at MoneySuperMarket, said: “Telematics technology, similar to that found on Formula One racing cars, is now becoming mainstream within the insurance industry, and is playing a key part in the future of motoring. The financial benefits of using telematics are obvious for drivers who are considered a higher insurance risk: installing a black box device in your car can save around £212 on the price of a policy compared to standard car insurance.”
Read our guide to telematics here.