Car insurance prices for young drivers often start at thousands of pounds for basic cover because if their inexperience behind the wheel. However, young drivers can now make massive savings on their car insurance prices by installing a revolutionary device in their car.
A black box telemetry system can cut premium prices by up to a third according to new data from Money Super Market.
Fresh data from the group reveals young motorists could see a massive 35 percent decrease on fully comprehensive car insurance cover with the box installed in their cars.
The average fully comprehensive cover would drop from a staggering £1,660 to £1,077 under the telemetry system.
Third-party cover and third party including fire and theft damage will also be massively reduced with the technology installed.
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Any road user above the age of 30 will likely pay up to £200 more for their car insurance if they do have a black box in their car.
data shows the policy is popular among younger motorists as a massive 48 percent of customers aged between 17 and 19 opt for black box insurance cover to reduce premiums.
The takeup figure reduces to 18 percent for 20 to 24-year-olds and even lower to five percent for 25 to 29-year-olds.
Insurers will collect information about the times you drive and locations of travel to identify if you are a safe driver.
They will also consider how fast the vehicle goes and analyse your driving style to see how forcefully you accelerate, brake and steer.
However, motorists who use black box telemetry systems are warned they may be forced to pay extra charges to get the technology installed.
Motorists may need to pay repair bills if they damage the box when it is in their vehicle and there are also charges to remove them completely.
Black box telemetry systems may also place some extra restriction on your driving style and will change prices accordingly.
Insurers won’t usually put a formal curfew in place. However, driving after a certain time could increase your price as the company sees you as a higher risk.
Long and frequent driving is also not going to see your policy invalidated but could see companies issue higher premiums.
Vauxhall Corsa was revealed as having the highest proportion of telematics policies, closely followed by the Ford Fiesta and Volkswagen Polo.
MoneySuperMarket says motorists can further reduce their total premium costs through various methods.
Paying for total yearly fees upfront will mean you are charged less than paying monthly. Driving a sensible car also reduces prices as you may be less likely to get involved in an accident.
They advise customers to purchase a fully comprehensive policy as this is usually cheaper than third party policies which also has less cover for incidents.