Car insurance rates have been dropping and according to the latest report from the Association of British Insurers (ABI) the average premium for a comprehensive policy fell by 8.9% in comparison to last year at a rate of £374 which is £36 less than twelve months ago. The lower rates on the market are attributed to a crackdown on false claims being filed, namely for phony whiplash claims, and due to the fact that drivers are becoming better bargain shoppers when it comes to car insurance. The new quarterly tracker is developed on data collected from the ABI’s 36 members in the UK according to actual insurance premiums paid by drivers on true policies versus other trackers that use quoted data for determination of averages. It therefore reflects what people are already paying for insurance rather than what people would pay if they purchased a newly quoted policy.
The report also revealed that 81% of drivers in the UK bought their current policy after comparing prices. Most used their smartphones, Web sites, and other online means to do their comparison shopping for car insurance. This percentage of comparison shopping is higher than that of comparison shopping reported for energy suppliers (77%) or mobile phone providers (64%).
Experts suggest that those shopping for a new policy or those looking to switch should start with telematics. Telematics car insurance could offer the opportunity for saving on car insurance above and beyond that of standard car insurance. Even young drivers could find savings with telematics.
The current market has more competitive rates available than a year ago and therefore drivers are encouraged to consider shopping for a new policy to find savings that could be waiting for them with a simple switch.
Car insurance is not an inexpensive product. It is a requirement for driving legally on any UK roadway and needs to remain affordable. Car insurance prices have been falling recently, but the years prior were marked with month after month of increase. This made it quite difficult to keep cars on the road, especially when combined with other car related expenses. Not only is it important for drivers to constantly be aware of car insurance cost within the market, but especially around renewal time.
Renewal time could be referred to as opportunity time for drivers. It is a time which most drivers take for granted and do not open their eyes to the opportunity before them. Car insurance renewal time can be used to not only research other types of car insurance, but also to discover other types of cover and variations of cover available.
A new type of car insurance which is turning heads across the UK is known as telematics pay as you drive car insurance. It is aiding drivers in the hunt for car insurance which aids in the effort of helping drivers with the cost of car insurance.
Telematics car insurance is being called revolutionary by drivers who have been covered with traditional car insurance for decades. It is however to able to be taken advantage of if drivers do not take advantage of times like renewal time. Telematics potentially has the ability to save money as well as help drivers become better drivers.
Drivers must be aware of the car insurance market in order to take advantage of opportunities available, especially at renewal time.
Drivers searching for car insurance now have an option. The car insurance industry is going through a change which is revolutionary. Drivers are now free to choose cover which provides a car insurance choice worthy of drivers looking for a product which acts in quite a proactive way. No longer will drivers be paying for a car insurance which only provides support in the event of a car crash.
The hands of drivers are now being untied. A new product known as telematics pay as you drive car insurance is making the choice of car insurance an easy one. Telematics is making it possible for drivers to have a choice. They are able to purchase a policy which makes it possible to potentially save money and become a better driver at the same time. The freedom contained in telematics car insurance is changing the view of car insurance forever.
Telematics car insurance is enabling drivers to be more aware of safety like never before. Drivers are made aware of the performance of how they drive due to the device located on or near the dashboard of the insured car. This small device is installed in the interior of the insured car in about an hour. It monitors driving habits like speed, acceleration, braking and more. It even notes the types of roads the car is traveling on.
Telematics car insurance is making it possible for drivers to view car insurance in a way never thought of. Drivers no longer have to feel tied down or permanently attached to their cover. Telematics car insurance makes it possible for drivers to pay for the miles they will use and then top up when they are close to expiring. Telematics car insurance can be found online at any time.
Telematics car insurance remains a mysterious product on the market. It is suggested by experts as the product to explore when seeking out a new policy as renewal time nears. It is the product suggested for young drivers to allow more affordability of keeping a car on the road. It is also discussed by researchers as being a tool to help young drivers stay safer on the road. As more is revealed about the product then more questions arise for how can a car insurance product offer so many benefits?
Telematics car insurance is unique due to the GPS unit that is installed into the insured driver’s car to collect driving data. The data is used for risk assessment to determine cost of a policy. The opportunity exists for a driver to gain savings by driving safe and proving they are worthy of low risk rates from the provider.
Providers coordinate the installation of the GPS unit with a professional at the driver’s workplace or home. Most car models can have the unit installed within an hour. It is installed out of sight and neither driver nor passengers will be aware of the unit within the car. However, the little out of sight GPS unit is a valuable partner in delivering a new type of car insurance to drivers in the UK.
Due to the monitoring of the driver for safe driving habits for the purpose of determining policy costs, telematics car insurance is a tool for keeping young drivers safer on the road. This makes it popular with parents that have peace of mind from a car insurance policy with the benefit to keep their young driver ever conscious to be a responsible and safe driver.
Telematics car insurance is truly a simple, fair and unique car insurance product. The only secret to the coverage is that it is surprising that there are still drivers on the road that haven’t switched, yet.
Telematics car insurance has risen to the top and there is no sign that the car insurance product will not continue to grow in popularity for years to come. The benefits of finding coverage with a telematics car insurance policy are many while there is also the possibility for substantial savings. Experts encourage that drivers shop around and look for a quality policy at a more affordable rate when renewal time comes around and to start with shopping for a telematics policy.
The car insurance uses a GPS unit installed into the car of the driver to collect data to be used for risk assessment. The data will allow the provider to determine if the driver is a high risk or low risk driver to offer coverage and that will in turn determine the cost of a policy. By driving safe, a driver has the opportunity to prove they are worthy of low risk rates.
According to the British Insurance Brokers Association, telematics car insurance has increased by 61% since June 2012 to December 2013.
Telematics car insurance usually is prepaid in bulk miles for coverage for the number of miles expected to drive. This “pay as you drive” insurance opportunity allows for easy budgeting and should more miles be needed, a driver can quickly top up for more coverage. Young drivers are often mentioned as the most likely group of drivers to benefit from telematics car insurance but the truth is that many drivers can benefit and all should consider the product when seeking out a new policy for a switch.
Justin Bieber was arrested last week in Miami for a list of offences of which one was that he was drag racing in a residential area. However, it is being widely reported that the drag racing offence may have to be dropped thanks to the data recorded by a telematics device that was installed in the Lamborghini Gallardo LP550-2 that he was driving. The company that lent the car to the pop star stated that the GPS driver data collecting device in the car revealed that the speed of the car reached 30 mph at the time of the drag race event which contradicts the police report that the cars were traveling at close to 60 mph at the time of the race.
The same information is being reported by the company for the Ferrari 16M that Khalil Sharieff was driving in the lane next to Justin Bieber.
Telematics data that is collected by a GPS unit installed in the car can be used by providers of telematics car insurance for many purposes. One of which is to determine risk assessment and therefore premium costs for car insurance. The same data can be used to prove fault in an accident and it can be reviewed online privately by a driver to determine how well they are doing at being safe while driving. That information can be helpful to a new young driver assessing their own skills behind the wheel. The GPS unit can also be used to locate a stolen car in the event of theft.
Car insurance rates have dropped in the last 12 months and much of the reason is due to a crackdown on false whiplash claims. As those claims have declined, then the cost usually bared by all insurers has declined offering more affordable car insurance rates. With the lower rates came a more competitive market between car insurance providers shopping for drivers to make a switch. Better and better rates and policies have been put on the market and consumers have benefitted.
Experts have long encouraged drivers to use renewal time as an opportunity reminder that a new policy should be sought. With most renewals bringing with them an increase, it is a good time to shop around for a new policy of quality and better affordability.
It is because of the cheaper rates that a driver should consider shopping for a new policy and a switch. Last year’s policy has last year’s rates and there could be cheaper car insurance rates to be found by just shopping quickly online. With so much to gain and less to lose it makes sense to consider a switch.
It is important for drivers to consider their new policy be one of quality as well as affordability. A car insurance policy is meant to give a driver peace of mind and a financial safety net in the event of an accident. Therefore it is important to seek out needed coverage that is quality strong when shopping for a new policy. Both quality and affordability can be found with telematics and that is the product that experts suggest be the first consideration when shopping for new coverage.