According to the company, a typical customer between the ages of 17 and 22 is paying £1,345 a year with telematics, which is £306 cheaper than road users with other firms.
Young driver insurance manager at the company Amy Kilmartin stated the Co-operative Insurance has welcomed the Association of British Insurer’s (ABI’s) decision to take a leading role in tackling the important issue of safety among newer motorists.
“We launched our ‘Young Driver’ telematics scheme two years ago and we have already seen accident rates drop by a fifth and premiums by nearly a quarter,” she added.
The ABI announced yesterday (March 5th) it is calling for a one-year minimum learning period for young drivers and a zero blood alcohol driving limit for an initial period after someone passes their test.
Ms Kilmartin said the Co-operative Insurance firmly believes telematics has a big part to play in reducing accident rates and lowering insurance costs.