REDTAIL research and customer experience points to real savings opportunity.
The findings from our recent survey conducted by YouGov and commissioned by Redtail, reveal that there is a lack of understanding amongst UK drivers about the benefits of telematics-based insurance. In particular, many older UK drivers don’t realise that they could actually stand to save a lot of money by having a telematics-based policy.
One Redtail customer (By Miles) recently told us that our devices have helped their customers save a whopping 20-70%, compared to an equivalent non-telematics-based policy. One example in particular, identified a 36% saving for an ‘average’ driver;
Traditionally, telematics-based insurance offerings use driver scoring to determine risk/policy cost, and most Redtail customers are no different, using the quality sensors inside our devices to record and report on 16 different aspects of driver behaviour to generate a risk score. In the example above, our customer has opted to offer pay-per-mile car insurance, so these savings are all thanks to the accurate and immediate record of how far the driver has travelled, which has been used to calculate a ‘trip cost’ for that individuals insurance cover. Surely there are more opportunities for varied applications of telematics technology to benefit broader groups of drivers?
Just goes to show that, contrary to popular belief amongst older UK drivers, it is possible to save with telematics-based car insurance and, in some cases, the savings are quite significant – and not always realised through traditional use of telematics devices!