Co-operative Insurance offers safe driver discounts
The Co-operative Insurance has launched a new Young Driver motor insurance product, which offers premiums based upon the driving behaviour of 17-25 year olds.
Young drivers will get lower premiums for safer driving, with the pay-as-you-drive product offering premiums an average of £328 cheaper than the prices of competitors, enabling 82% of young drivers to make a saving.
The announcement may be of particular relief to young female drivers, who are typically safer than their male counterparts but are likely to suffer higher premiums thanks to the recent ECJ ruling barring the use of gender as a risk factor in the insurance industry.
Director of General Insurance David Neave stated that many young people are being placed under substantial financial pressure due to ever rising premiums.
Under the terms of the new product drivers will be assessed on four driving behaviour every 90 days, with good behaviour being rewarded with a Safer Driving Discount (up to 11% of the annual premium).
The ECJ ruling has found little favour, with some experts warning that in the future other factors, including age or disability, could also cease to be counted as factors when pricing risk.
Category: Car Insurance News, Insurance News
Visited 1819 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.