http://www.dailymail.co.uk/money/article-1389518/Trackers-Black-box-saved-Corsa-premiums.html
Steffan Hutton has had a cruel introduction to the world of motoring. Barely three weeks after buying his first car last month, 17-year-old Steffan got up for work to find that his pride and joy had been stolen.
His R-registration Vauxhall Corsa had been parked outside the home where Steffan lives with his parents, Martin, 43, and Pamela, 40, and his brother Anthony, 20.
Thieves had broken into the house overnight and grabbed a handful of valuables and the keys to the car, which they used to make a getaway. But Steffan, an apprentice electrician from Bradford, West Yorkshire, had one consolation.
Relief: Steffan Hutton recovered his car soon after it was taken from his parents' home
He is one of a growing number of young motorists who have agreed to have their driving monitored in the hope of qualifying for cheaper insurance premiums. His car is fitted with a satellite-tracking system, recording where and how he drives.
A useful bonus is that this black box technology doubles as a theft tracker, which means the car can be located quickly if it is stolen.
Martin, a civil servant, says: ‘As soon as I woke up and realised what had happened, we got straight on to the tracker company. It then informed the police.’
Less than 15 minutes later, police found Steffan’s car abandoned only half a mile away near a park. Martin says: ‘An officer had just arrived at our house to take details of the break-in when the message came through on his radio that the car had been found. It was such a relief.’
The keys were missing and there was one scratch, but the car was otherwise undamaged. Recovering it quickly also meant that there was no time for vandals to get to work on the abandoned car and no need for Steffan to make any insurance claim or pay the £350 theft excess.
Steffan bought his cover with Cooperative Insurance, which launched the Smartbox young driver plan in March. The black box monitors braking and acceleration forces, cornering and speed. It also tracks when a car is used, as most accidents involving young drivers occur late at night. The data is combined to create a driver rating, from one (dangerous) to five (safe).
Premiums are reviewed every 90 days in line with the rating. Those who score four or five are rewarded, saving potentially 15 per cent. Those who score one or two will see premiums rise, with the worst paying 20 per cent more.
Drivers can get feedback on each day’s driving via a website and get emails every six weeks with their latest ranking.
Steffan, who uses his car for work, is averaging a driving score of five. ‘I am keen to get a discount,’ he says. ‘Most of the time I find it fairly easy to keep smooth and steady, though sometimes the drivers behind get frustrated because you’re going at the speed limit.’
The rocketing cost of insurance for young drivers has created an opening for this kind of black box technology. The average premium for drivers aged 17 to 22 has risen by a staggering 64 per cent in the past 12 months to £2,431, according to AA Insurance.
While the Government is keen to improve training for novice drivers (see above), satellite trackers are an easy way for drivers in their teens and early 20s to show that they are not boy racers and so be rewarded with cheaper insurance.
Steffan pays almost £2,000 a year for cover, though he has the chance to trim this by up to £300 in the first year if he keeps driving well. In year two, premiums should fall further if there is 12 months of sensible driving. Likewise, if insurers record reckless behaviour they will raise premiums or even cancel cover.
Other companies to offer trackers include Insurethebox and Intelligent Marmalade. With Insurethebox, you buy 6,000 miles of cover each year but then earn bonus miles through safe driving. Intelligent Marmalade, due to launch its product shortly, is planning prizes and rewards for safe driving. AA Insurance will be launching its own tracker cover in the autumn.
Read more: http://www.dailymail.co.uk/money/article-1389518/Trackers-Black-box-saved-Corsa-premiums.html#ixzz1N3XdMg1G
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