Those who are driving their vehicles in a safe manner and within speed limits will pay less than those who are found to drive erratically.
The new T-plate indicates to other road users that the vehicle is fitted with a black box as a warning that the driver is unable to speed up.
Mr Doyle said: “Co-op Insurance has also reached out to other insurers to let them know about the T-plate pilot and latest survey findings.
“The insurer will share findings from the pilot with others, in the hope that the industry will help young drivers feel safer on the road with a T-plate.”
However, four-fifths of road users are aware of black boxes and what they could mean for younger drivers.
But despite this nothing exists to highlight when a driver has a box installed and requires some extra leeway from those around them.
Charles Offord, managing Director of Co-Op Insurance said younger motorists could see their policy completely axed if they do not follow the rules of their telematics agreement.
He said: “Drivers with black boxes will see their insurance premiums increase, or in some extreme cases, their policies cancelled if they don’t drive as they should.
“Yet currently it’s impossible for other motorists to know if another vehicle has a black box fitted.
“Young drivers want other motorists to understand this and that’s why we’ve launched the T-plate.”