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

Quote

How long before they scrap it/go out of business/etc

CIS have always offered good premiums for younger drivers. This smacks of a publicity stunt as much as anything else.

What's that? You don't want to try our new-fangled scheme? Let's just give you a quote anyway...

rogerblack

GPS, while good, isn't 100% accurate, for many reasons.

In addition, speed limit databases are not always accurate.

It would be really annoying to be hit with the excess premium for speeding
if the reason for your speeding was that they'd tagged a 50MPH road as 30MPH accidentally, or that the GPS database had incorrect road position information on it.

Kilty_2

Quote wrote: »

CIS have always offered good premiums for younger drivers. This smacks of a publicity stunt as much as anything else..

They won't even quote for me for a standard policy

cactusdust wrote: »

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.

- some of the quotes I'm hearing of for new drivers are shocking, I thought it was bad a couple of years ago when I passed my test.

Your sig made me :rotfl: though :T

silvercar

How will it distinguish who is driving the car. My son has his own car, that myself and husband are insured to drive and we do so occasionally.

jb66

This is a good idea, my brother who is £17 cant get a quote cheaper than £2400 for a £900 corsa

DarkConvict

Road speed databases are not accurate, that is correct. Furthermore no one actually holds all the information. Each council has the information in there own internal format, highway agency is only does the motorways. And big mapping companies like TeleAtlas (now owned by TomTom) just drive around the roads measuring average speed, and jotting down the current speed limits (on that day).

GPS is fine for tracking, its 15 meter standard accuracy, down to 5 meter with a free correctional service SBAS. This is fine for satnavs keeping you on the right road so would be good enough, and higher accuracy is not needed plus costs far to much.

Overall, this is not new, the telematics (Blackbox's) have been in HGVs for many years and measure all the details CIS have stated to monitor the condition of the fleet. The problem is always the cost and fitting of the boxes, are hidden costs of the plan, that will keep insurances high. For expensive trucks this is a no brainer, but not for small vehicles whos age and conidition may originally not be great. IMO, yes young drivers will always have higher premiums due to less experience, but the stupidly high prices shouldn't come in affect unless they have accidents/fines that are the fault of the policy holder. Cost of insurance should be on the history of the policy holder. Not ideal when insurance companies plan for future risks, but the high prices arent ideal for younger drivers when employers expect them to travel to work. Then the issue could come that a single accident at the age of 19 could render you uninsurable for several years.

As explained by others in similar topics. Husband of wife, both aged 40. Man with no accidents costs £200 more in the same type of car, than a wife with 4 accidents in 5 years. If it was based on policy holder experience more than age, then the no claims would have a far greater effect, making those that claim cost more.

I do also welcome the fining of uninsured drivers, as they already know who they are. Fines should simply be the cost of insurance.

cornz

Ho hum..
Spend 40 quid on a GPS/GSM jammer.
No evidence the car has ever moved from its last spot...
Someone put a lot of thought into this idea. Not.

moneyballs2

They quoted me over £4,500. I am 18 with 1 year of NCB.

Truly Scandalous. Nowhere is offering anything cheaper. The price has gone up £1,500. I thought I was going to get a huge discount from £3,500 to something more reasonable (e.g. £1,500)

adamc260

Don't know why this subject is being covered so much... Co-Op aren't the first company to do this, infact... they're quite behind with doing it and the savings to be made aren't ground breaking, they estimate the average saving will be £340... On a premium of £4000+ that isn't exactly 'oh wow, young people can afford insurance now!'

mikey72

cornz wrote: »

Ho hum..
Spend 40 quid on a GPS/GSM jammer.
No evidence the car has ever moved from its last spot...
Someone put a lot of thought into this idea. Not.

So you don't think they'll notice all the data suddenly drop out.
And you really don't think they'll have thought of why, and simply cancel your policy?