3.2% of UK Drivers Use Black Box Telematics Insurance

According to a public poll 3.2 percent of drivers in the United Kingdom are currently using a black box telematics insurance. The research was carried out by the Consumer Opinion Panel with a sample of 1,146 GB adults in March 2015.

Even if this type of insurance has been available for a number of years in Great Britain, the survey shows that 25% of British drivers are not aware of the technology. Nevertheless 45% of drivers would consider installing a “black box“ to learn more about their own driving skills (33%), to improve their driving (23%) or to see how well others are driving their car (5%).

Among those who know about the technology a sizeable number (26%) remains firmly opposed to it. “Big brother“ surveillance is the biggest cause of concern here (62%), followed by fear of personal data being sold onto other companies (49%).

To join this kind of telematics program, consumers would however want to see savings of at least £98 a year on their insurance premium. But this amount highly differs with age. Those aged 18 to 34 would need to save £173 to consider taking out a policy, while those over 65 would be happy with just £72 of savings. This is not completely surprising considering the huge premium usually paid by young drivers.

The research also reveals that drivers are confused about what happens with their data and who owns it. When asked, 58% incorrectly believed that telematics data is shared between insurers, 35% thought they could use their telematics data when applying for insurance and 14% believed they own their own data.

Source: GPS Business News