Since it launched in 2011, the Co-operative Insurance has saved its Young Driver policyholders over £7.4m in their first year of driving*.
Latest data from the Co-operative Insurance has found that on average its Young Driver policyholders receive £120 back in their pockets in the first year of taking out their policy.
The Young Driver Insurance policy works by rewarding policyholders for safe driving and the Co-operative Insurance was one of the first mainstream insurance providers to bring telematics to the mainstream market. It prices discounts based on four factors:
Conversely, policyholders who drive badly may also see an increase in their premium policy price.
Steve Kerrigan, Head of Telematics at the Co-op Insurance said: “Young drivers can be labelled as being bad drivers, often unfairly. Our telematics-based product has enabled us to give back over £7.4 million to customers since 2011, who have proved that they are safe drivers.
“Keeping communities safe is one of our priorities. By offering a policy which aims to improve road safety as a result of incentivising good driving behaviours and giving driving tips to people who need driving improvement is a positive step to achieve this.”
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