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 the cost of living, technology and other factors are impacting how drivers purchase insurance.
The survey highlighted how nearly a third of all drivers (30%) admitted they purchase insurance based purely on price and don’t check the extent of cover being offered on the policy. This concerning trend varied across age groups with 41% of under 35’s not checking cover and purchasing purely on price while only 25% of drivers 35 and over admitted to just focusing on price.
The extensive driver survey also showed that drivers are concerned about the costs of running a car in 2023 with nearly a third (31%) admitting they were going to drive less this year due to petrol prices and a further 19% reducing their annual mileage below 5,000 to reduce costs further.
These results highlight how significant cost has become, especially in the current economic climate and how important it is for insurers to offer policyholders a telematics-based solution to ensure they can remain competitive.
Trakm8 works with some of the UK’s leading insurers, providing telematics policies that utilise advanced tech, drive efficiencies and increase revenues. The full end-to-end solution includes a market-leading portal that provides instant driver and vehicle insights such as journey information, driver scoring/alerts and vehicle health and a cutting-edge app that gives drivers an easy-to-use interface with an overview of their driver data and scoring.
Adam Gooch, Managing Director for Insurance at Trakm8, added, “As inflation and the cost of living starts to bite many drivers are now focussed solely on finding the cheapest possible policy especially as insurance costs start to rise. However, it is important that drivers also look at the cover being offered and additional costs such as excess to avoid being out of pocket if they have an incident.
Drivers should also consider the technology solutions offered by insurers such as telematics and driver apps which allow them to take control of insurance costs and get rewarded for driving safely and reducing mileage. By offering these solutions insurers can remain competitive and tailor costs based on their customer’s driving habits.
Our enhanced driver and vehicle insights are part of our comprehensive end-to-end insurance telematics solutions that are designed to give insurers a unique opportunity to help personalise policies based on a customer’s habits and requirements.”