Could you save up to £328 in car insurance?
As many of you are probably aware, there are changes in the world of car insurance so we’ve decided to write this blog post to explain some of the goings on.
Since a new EU law has been passed making it illegal to discriminate between genders, it will no longer be possible for insurance companies to give lower prices to women than men. This means that as of December 2012, young women will be quoted a higher premium than they would have been previously.
The reason insurance companies give lower prices to females is that they are less likely to be involved in an accident than young men. If you take a look back to our Valentine’s post, you can see that young women are killed more often as passengers in their boyfriend’s car than as drivers.
But don’t panic! Some insurance companies are now able to price your insurance based on how safely you drive. Tesco Bank have just launched their Black box insurance which could save under 25 year olds up to £328 on their initial premium.
This type of insurance requires a black box to be installed in your car in order to monitor four key indicators of your driving safety. The factors include speed, how fast and hard the car accelerates or brakes, the time of day the car is driven and how sharply corners are taken.
You can monitor your results using the “online dashboard” and you can see for yourself how you are performing so you can alter your behaviour to make sure you are able to get lower insurance prices. Every 90 days the Co-operative will look to see how you are performing and will reduce your premium as a reward for good driving, or increase the premium for those people whose driving habits are more dangerous.
There are other insurance companies that provide this type of insurance, including Insure the box. They use a similar system whereby you are insured for 6,000 miles and good driving earns you additional miles. Their box also has Theft tracking and incident safety alerts. So have a look around and see what you can find and what suits you best!