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Young drivers rewarded for safe driving
Young drivers aged 17-25-years-old can be rewarded driving safely with a new product by The Co-operative Insurance.
The insurer claims that this is the first time in UK insurance history that such a scheme has been introduced. It will assess drivers every 90 days based on braking and acceleration, cornering, speed and the time of day of driving.
If customers are driving responsibly, they will receive a Safer Driving Discount of up to 11 per cent of the annual premium.
"It is a fact that many young people are simply being priced out of owning a car due to the escalating cost of motor insurance for young drivers," commented David Neave, director of general insurance at The Co-operative Insurance.
"To ensure we do not end up with an entire generation priced out of car ownership we are giving them a chance to prove themselves as responsible drivers, and dispel the assumption that all young drivers will drive badly and have accidents."
It comes after the European Court of Justice ruled that insurers could not consider gender when calculating premiums.
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The insurer claims that this is the first time in UK insurance history that such a scheme has been introduced. It will assess drivers every 90 days based on braking and acceleration, cornering, speed and the time of day of driving.
If customers are driving responsibly, they will receive a Safer Driving Discount of up to 11 per cent of the annual premium.
"It is a fact that many young people are simply being priced out of owning a car due to the escalating cost of motor insurance for young drivers," commented David Neave, director of general insurance at The Co-operative Insurance.
"To ensure we do not end up with an entire generation priced out of car ownership we are giving them a chance to prove themselves as responsible drivers, and dispel the assumption that all young drivers will drive badly and have accidents."
It comes after the European Court of Justice ruled that insurers could not consider gender when calculating premiums.
Copyright
Published: 17/03/2011
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.