Home Business NewsBusinessAutomotive News Millions of drivers are missing out on potential cheaper insurance prices

Millions of drivers are missing out on potential cheaper insurance prices

by LLB Finance Reporter
16th May 23 3:42 pm

Trakm8, the recognised leader in technology solutions for insurance telematics, connected car data and fleet management, has commissioned a new national driver survey to gain insights into how drivers purchase vehicles, choose insurance, and understand telematics solutions.

The survey highlighted a fifth of drivers (20%) admitted the only reason they haven’t considered a telematics policy is because they have never been offered one when buying or renewing their insurance, meaning millions of drivers are missing out on potentially cheaper policies.

The results also highlighted that only 22% of drivers are now concerned about sharing their driver data which is a huge drop compared to previous surveys showing drivers are becoming more aware of how telematics policies work and the benefits of these solutions.

The survey also showed that the majority of drivers (57%) would choose a telematics policy such as a pay-as-you-drive (PAYD) or usage-based insurance (UBI) solution if it reduced their renewal quote compared to a standard policy. The most receptive age groups to these policies were under 25’s (65%) and over 55’s (58%) with 35 – 44-year-olds the least likely to switch but the results showed still more than half (52%) of this age group were receptive.

Trakm8 is a trusted partner for many of the UK’s top insurers offering a full end-to-end telematics solution that allows seamless management of vehicles and customers at scale. The cutting-edge platform provides instant insight into journey information, exception reporting, fraud identifiers, crash detection and driver scoring. The platform works alongside an innovative customer app that offers an easy-to-use interface with an overview of driver data and scoring.

Adam Gooch, Managing Director for Insurance at Trakm8, added, “The results of our new driver survey really highlight the benefits to insurers of being able to offer a PAYD or UBI solution to drivers at renewal and how they can help increase customer retention rates.

It is also clear to see there is a shift in perception and a greater understanding of the benefits of a telematics policy from drivers in the UK and more awareness of reduced costs and rewards for good driving. Our comprehensive end-to-end insurance telematics solutions are designed to give insurers an easy route to market to offer their customers a leading PAYD or UBI policy.”

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