Trakm8, a leading supplier of connected car data and devices for UK insurers and brokers, has launched a Young Driver Campaign to help raise awareness of how increasing insurance costs is impacting their lives, careers, finances and independence, and to offer advice to help understand how to take control and even reduce insurance costs.
To launch this campaign Trakm8 commissioned a national young driver survey* to gain insights into how these rising insurance costs are impacting young drivers and their lives.
The results showed that over half (55%) of drivers under 25 are struggling to afford to insure their vehicles and one in four (25%) are delaying buying a car because they can’t afford insurance.
The survey went on to show how unaffordable insurance is impacting all aspects of young driver’s lives with:
- 30% stated that their education and careers have been impacted by being restricted to public transport.
- One in ten (10%) say the cost of running their car has delayed them moving out of their family home.
- 15% have had to ask parents for support to help pay for insurance.
- One in Five (20%) delaying getting a car until they are older.
- One in Ten (8%) have had to stop using their car as they can’t afford the insurance.
The Trakm8 Young Driver campaign will offer a voice for young drivers in the UK and the campaign aims to partner with organisations to help educate young drivers to better understand the benefits of telematics and how driving safely can make driving more affordable.
Due to the huge increase in insurance costs, 86% of young drivers would be willing to have their driving data monitored if it helped lower the cost of insurance and 93% believe insurers should offer lower costs if they can prove they are safe drivers. Furthermore, 90% believe the cost of insurance has increased so much that the government should intervene to help make cover affordable to young drivers in the UK.
Tramk8 offers an end-to-end telematics solution that incorporates a market-leading platform that utilises machine learning and AI technology with a UK-based manufacturing facility that delivers a range of award-winning hardware solutions.
This gives insurers access to a range of big data insights including our portfolio of connected vehicle services and data analytics to give them a detailed understanding of customer driving habits and vehicle health, so they can manage policies and risk profiles on an individual basis.
Adam Gooch, Managing Director for Insurance at Trakm8, added, “The cost of car insurance is increasing for drivers across the UK and for young drivers who were already struggling with higher premiums this increase is making running a vehicle unaffordable for millions of younger people.
This is impacting education, careers and livelihoods for many under 25s and at Trakm8 we want to help raise awareness of this issue and help educate young drivers and help make insurance more affordable.
Telematics policies such as PAYD or UBI solutions allow drivers to benefit from much more accurate premiums and reward them for positive driving behaviour. By offering a PAYD or UBI policy insurers can offer consumers fairer value and more accurate premiums.
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.”