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Black box car insurance is designed to make your insurance cost considerably less by installing a small telematics box in your car which measures how you drive. If you drive well, and safely, you will be rewarded by a smaller premium cost for your car insurance. The telematics box is hidden and out of sight, so you won’t even know its there. This is an ideal solution for younger drivers who want to lower the cost of car insurance.
Mileage – how often you use the vehicle and how many miles you travel will be registered on the box. The more mileage you accumulate, the more you are at risk of an accident. So, finding out exactly how much mileage you do each month will allow your insurer to give you the best premium possible, which could be lower than what you currently pay if you don’t drive very often or very far.
You are charged on the number of miles you drive and then you can top up your account, like a pay as you go mobile tariff. Therefore, it is sometimes also known as ‘Pay as You Drive Insurance.’
Speed – the black box measures your speed, acceleration, cornering and braking and compares this to the national average and speed limits in the areas you drive. Slower drivers are deemed less risk of being involved in accidents – so the device will record this and pass on this information to your insurers.
Times of day you drive – taking peak hours, daytime driving and hazardous roads into consideration, the black box can tell which drivers are deemed the least risk. It is typically riskier to drive late at night or early in the morning so if the machine detects that you rarely drive during these times, your premium could be reduced.
Research carried by BIBA has shown that a black box insurance policy can help careful drivers save as much as 25% on their car insurance premiums.
By getting a more accurate reading of someone’s driving, there is potential to make a big saving on insurance. Some believe that simply having a box installed makes drivers more conscious of their driving and they will notably drive slower and safer to lower their premiums.
Since drivers know that they will be rewarded for slower and more cautious driving, black boxes have reduced accidents by 20% since they were first introduced in the UK. So, with less chance of a claim, insurers don’t feel the need to charge as much.
In addition, because the device acts a tracker, some insurers will automatically reduce the price of your policy because you are boosting the security features on your vehicle. So, if your car is stolen, it should be easier to find, and this could remove the need for making a claim. The advanced tracking can also potentially help you find out who was to blame in a collision, which can help you sort out a claim.
Black box insurance is great for the most cautious and careful drivers who are looking to reduce the cost of their premium such as:
However, installing this device is also useful for more high-risk drivers that want to reduce the cost of their premium by proving that are safe drivers.
For young drivers under 25, the cost of car insurance is always above average. This is because young drivers are three times more likely to be involved in an accident. (Source: Association of British Insurers).
But despite this, some young drivers can drive sensibly which is why getting a little black box installed can reward their good driving and allow them to pay less on their car insurance.
New drivers of all ages are subject to higher premiums because they have no road experience and are yet to take advantage of a no claims bonus. So, for new drivers looking to reduce the amount they pay on car insurance, the telematics box allows them to show how capable they are as drivers to get the best premium possible.
When shopping for black box insurance, it is important to compare the different policies provided by insurers. It should be noted that telematics technology may not be the most best option for every motorist. For example, those individuals that will unexpectedly do a lot of mileage in the next year may even see an increase in their insurance premium. Similarly, if you are a middle-aged driver and can use a no claims bonus, this might provide a much better saving.
At Call Wiser, we have a team of dedicated insurance advisors in Hampshire who are used to dealing with all kinds of drivers and their policies. We are passionate about finding you the best deal on your insurance and all new accounts will come with free breakdown cover, legal expenses, mobile phone, and gadget cover too. Simply call today on 0333 003 3270.