Gocompare.com has launched an enhanced telematics comparison service to help drivers compare and buy the right insurance policy for them.
Gocompare.com has increased the number of telematics insurance providers available through its car insurance comparison service to eight, and has introduced a dedicated telematics quote results page to help its customers make an informed choice.
The eight telematics insurance brands now providing quotes through Gocompare.com are: insurethebox, coverbox, Autosaint, AA Drivesafe, Carrot, Bell Safe Driver, Hastings Direct SmartMiles and Igo4 WiseDriving
In addition to boosting its panel, Gocompare.com has introduced a new results screen where quotes from telematics providers will appear (see screen shot below). This allows people to view details that are specific to telematics-based polices; such as what data is collected about their driving; as well as additional information about how telematics-based insurance works. These telematics quotes can be simultaneously compared with ‘traditional' or ‘standard' car insurance quotes so that customers can decide which type of cover best suits their needs.
Telematics-based insurance quote results page. Quotes above are for an 18 year old driver.
These significant developments to Gocompare.com's car insurance comparison service have been introduced as research reveals that, despite telematics policies so far being targeted at young drivers, there is considerable interest in the technology from drivers of all ages. In a recent survey commissioned by Gocompare.com, nearly half (48%) of all drivers said they would be happy to have a telematics policy if it meant getting a cheaper premium, and nearly a quarter (23%) of drivers aged 55 and over said they would consider a telematics policy when they next review their car insurance. Older drivers, who use their cars infrequently, avoid rush hours and late night driving and generally drive sensibly, may be one group who could benefit from switching to a telematics based policy.
However, more needs to be done to inform drivers about telematics-based insurance, how it works, and the potential advantages of signing up for this type of insurance. Nearly a third (30%) of drivers hadn't heard of telematics or behaviour based car insurance until completing the survey.
What would make drivers switch to a telematics-based insurance policy?
- If it meant a cheaper insurance premium - 48%
- If there was more awareness of the benefits of this type of insurance - 32%
- Regular incentives in the form of discounts or deals - 26%
- Big insurance brands offering this type of product - 24%
- Saving money on fuel by driving better/less - 24%
- Having access to data on their driving behaviour online or via an app - 19%
- Knowing someone else who has a telematics policy (such as friends or family) - 14%
Scott Kelly, head of motor services at Gocompare.com, said: "The car insurance industry has undergone a major upheaval recently, with the introduction of gender-neutral pricing since 21 December last year. Now that insurers have lost one of the most significant rating factors for younger and inexperienced drivers, telematics-based insurance, where premiums can be calculated based on individual drivers' behaviour will almost certainly grow in popularity. Our own research shows that one in five (21%) drivers can imagine switching to a telematics-based policy within the next five years.
"But there's still a job to be done in educating motorists about telematics, how it works and the benefits such policies can bring. Our own research shows that almost a third (30%) of drivers haven't heard of telematics, or ‘behaviour-based' car insurance, but over the next few years technology will develop and more drivers will recognise the advantages of paying a premium based on their own driving behaviour. These enhancements to our service position telematics policies alongside traditional policies so that customers can consider all of the options available to them rather than viewing telematics policies as a niche product which will only ever appeal to a limited group of drivers.
"The tipping point, where telematics policies gain real mass market appeal, is yet to come. But as the technology matures and becomes more readily available and as understanding grows, telematics-based policies could prove to be one of the most important developments in the car insurance industry."
Notes to editors:
Research commissioned by Gocompare.com carried out among 2,000 UK drivers on 14th January 2013 by OnePoll.