No reward for loyalty – what about good driving?

Van insurance news roundup: 7 days ending 14 Feb 2014:

Brits know better than anyone that van and car insurance companies don’t reward loyalty – but there are some out there that recognise good motoring habits.

Car and van insurance companies are notorious for holding on to their cheapest rates for new customers, routinely throwing their older customers under the bus by hiking their premium prices year on year. As a result, Brits have learnt to jump ship every year in order to get the best quotes they can – and a new research study reinforces this fact, as 57 per cent of British drivers are giving serious thought to switching from one insurer to another this coming year. Even more telling is that the worldwide average is only 40 per cent, acknowledging that the UK has some very disloyal motorists – by the hand of the insurance industry itself!

So insurers don’t reward you for you for loyalty – that’s just a well-established fact at this point. However, there are some insurers that will actually reward you for good driving. Anyone that makes a living on the road and is in need of commercial van insurance is likely to be quite keen to check this out: it’s called telematics insurance, and it’s been growing in popularity because you can get around the normal insurance bollocks and get some deep discounts if you can prove you’re worthy of them.

The technology is simple, as it’s based on the tried-and-true satnav: a telematics device (or a smartphone with an appropriate app running) keeps track of your acceleration, turning, braking, and other motoring habits, then transmits the data to your insurer. It looks at your performance periodically and if the information reveals you’re a careful driver, your insurer drops your premiums to compensate. Of course, if you’re a crap driver you’ll see your rates go up, but you’ve earned that as well haven’t you?

But think about this: if you spend hours behind the wheel of y our van, you’re likely to be a very careful driver. Your vehicle is your livelihood after all, so it’s in your best interests to actually keep your wits about you, and you should be rewarded for that diligence! It’s also ideal for younger drivers as well, as you can throw off the yoke of statistical analysis and prove not all younger drivers are complete rubbish. Some younger Brits have saved upwards of £430 on their annual cover, and that’s no laughing matter is it?

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