MSE News: Young drivers 'pay how you drive' insurance unveiled by Co-op

This is the discussion thread for the following MSE News Story:

"The Co-operative's new smartbox technology will determine premiums for young drivers based on their driving behaviour ..."
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Comments

  • Percy1983
    Percy1983 Posts: 5,244 Forumite
    First Post First Anniversary Combo Breaker
    This looks be a step in the right direction, as I have said all along not ALL young drivers are bad drivers yet ALL of them are treated so, if this can work to prove that there not all bad then I welcome it.
    Have my first business premises (+4th business) 01/11/2017
    Quit day job to run 3 businesses 08/02/2017
    Started third business 25/06/2016
    Son born 13/09/2015
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  • catflea
    catflea Posts: 6,620 Forumite
    My initial reaction is that most young drivers use family members cars. Can this system take into account that a car may well have more than one driver?
    Proud of who, and what, I am. :female::male:
    :cool:
  • bouncydog1
    bouncydog1 Posts: 2,696 Forumite
    First Anniversary First Post Combo Breaker
    This could also be a bit of an eye-opener for the parents who often foot the bill for their children's car insurance who maintain that their child is not a "boy racer"! :rotfl:
  • charlie792
    charlie792 Posts: 1,744 Forumite
    First Anniversary Combo Breaker First Post
    Whilst it could be a good idea in a bid to reduce insurance premiums I don't see in reality it would save some people much money...afterall it says in the article The AA says the average 17 to 22-year-old pays £2,250 a year and that for the scheme customers first pay an annual premium, which the Co-op suggests will be an average £1,800
    My partners insurance is £600 (and on his own policy) so this would actually triple the cost of his insurance so it would be a bit of a false economy for him
    MFW 2020 #111 Offset Balance £69,394.80/ £69,595.11
    Aug 2014 £114,750 -35 yrs (2049)
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  • cactusdust
    cactusdust Posts: 427 Forumite
    First Anniversary Combo Breaker First Post
    Think I'll just wait until I'm old enough to afford it. The discount savings don't seem massively different.. if I'm paying thousands of pounds, there's no real difference.

    A lovely five months since I passed my test and I haven't touched a car since. :(
  • ehlo
    ehlo Posts: 397 Forumite
    First Anniversary First Post
    measuring the following is transmitted via satellite

    Really? GPS position is obviously obtained via satellite but it seems far more likely that data is transmitted over the phone network when in range given the price of satellite data.

    I'm being picky but as someone who is heavily involved in tech, I cringe when people talk about GPS as being both send and receive
  • mikey72
    mikey72 Posts: 14,680 Forumite
    ehlo wrote: »
    Really? GPS position is obviously obtained via satellite but it seems far more likely that data is transmitted over the phone network when in range given the price of satellite data.

    I'm being picky but as someone who is heavily involved in tech, I cringe when people talk about GPS as being both send and receive


    Probably goes via satellite over the phone network for data processing in russia or israel after it's colllected.
  • p5x
    p5x Posts: 380 Forumite
    already similar schemes out there like this, google insurethebox/coverbox
  • grumbler
    grumbler Posts: 58,629 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Customers first pay an annual premium, which the Co-op suggests will be an average £1,800, which includes the fitting of the box
    I wonder how much is fitting and what else this figure includes.
  • Degenerate
    Degenerate Posts: 2,166 Forumite
    If, over the course of the year, customers demonstrate responsible driving they will receive a safer driving discount of up to 11.25% off the annual premium.

    Pathetic. If I was a young driver I'd rather pay the 11.25% and not have big brother sitting in my car. If they're going to do this it has to reward safe young drivers properly by reducing their premiums to levels similar to older drivers.
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