Loyal Brits missing out on car insurance savings of £1.7 billion a year

Calculated because, according to the latest AA British Insurance Premium Report, the average motor insurance policy in the UK costs £690. Ingenie found that careful drivers can save up to 21% on their car insurance using a black box policy. 21% of £690 equals £144.90 (average saving that could be made on a safe driver’s policy). When asked ‘How long have you had a car / vehicle insurance policy?’ 7% of respondents with a driving license selected ‘less than 1 year’, 6% selected ‘up to 2 years’, 9% selected ‘up to 4 years’, 4% selected ‘up to 7 years’, 61% selected ‘more than 7 years’. This means that 87% of UK drivers have a car insurance policy in their name. There are 39,974,283 full driving licences in the UK according to DVLA. That means that there are 34,777,626 car insurance policies. If there are 34,777,626 policies in the UK, and 95% (When asked: ‘Before today, had you heard of black box / telematic insurance policies before?’ 5% of respondents with a driving license selected ‘I have a telematics or black box car insurance policy; meaning that 95% of respondents with a driving license do not.) 95% of 34,777,626 car insurance policies is 33,038,744, meaning this is the number of non-telematic car insurance policies in the UK. When those who selected that they have a telematic policy were asked: ‘Which of the following is most accurate regarding you having a black box and the effect it’s had on your renewal premium?’ 36% selected ‘The cost of my car insurance has decreased since using a black box’. These are the ‘safe’ drivers. 36% of 33,038,744 is 11,893,947. If 36% of all drivers could save money on their policy, this means approximately £144.90 could be saved on 11,893,947 policies, equalling = £1.723bn overall

When respondents who would not consider telematics / black box were asked ‘You said you would not take out a telematics or black box car insurance policies. Is this for any of the following reasons?’ 49% selected ‘I don’t want my car insurer tracking my movements’, 43% selected ‘I am happy with my current car insurance policy’, 28% selected ‘I don’t want to have to pay to get a black box fitted in my car’.

When asked to select whether they thought that the statement: ‘Telematics or black box car policies are cheaper than normal car insurance premiums’ was true or false, 54% of respondents with a driving license selected true. When asked: ‘Before today, had you heard of black box / telematic insurance policies before?’ 37% of respondents with a driving license selected ‘I HAD heard of telematics / black box car insurance policies before today and WOULD NOT consider taking one out in future’ and 10% selected ‘I HAD NOT heard of telematics / black box car insurance policies before today and WOULD NOT consider taking one out in future’.

When respondents who have heard of telematics / black box were asked whether ‘The data can be used to track your car if it is stolen’ was true or false, 20% selected ‘Could be true or false’, 8% selected ‘probably false’, 3% selected ‘definitely false’, 15% selected ‘don’t know,’

When asked ‘Before today, had you heard of black box / telematic insurance policies before?’ 23% of respondents aged 18-24 who have a driving license selected ‘I have a telematics or black box car insurance policy’.

See caveat 1 for £144.90 saving for average UK driver. According to the latest AA British Insurance Premium Report, the average motor insurance policy for a young driver costs £1,771. Ingenie found that careful drivers can save up to 21% on their car insurance using a black box policy. A 21% (saving for careful driver) of £1,771 is £371.91.

According to the latest AA British Insurance Premium Report, the average motor insurance policy has increased in cost by 19.6% in the last year. When asked, ‘Do you shop around for a new car insurance policy every time it comes up for renewal?’ 93% of respondents with a car insurance policy in their name selected ‘Yes’.

When asked to select whether they thought that the statement: ‘Telematics or black box car policies are cheaper than normal car insurance premiums’ was true or false, 54% of respondents with a driving license selected true. When asked: ‘Before today, had you heard of black box / telematic insurance policies before?’ 5% of respondents with a driving license selected ‘I have a telematics or black box car insurance policy’

When respondents who have a black box car insurance policy were asked: ‘Which of the following is most accurate regarding you having a black box and the effect it’s had on your renewal premium?’ 36% selected ‘The cost of my car insurance has decreased since using a black box.’ Ingenie found that careful drivers can save up to 21% on their car insurance using a black box policy.

When respondents who don't have black box car insurance policy were asked, ‘How much would you have to save per year on car insurance to consider switching to a telematics / black box insurance policy?’ 12% of selected ‘up to £50 a year’, 27% selected ‘Up to £100 a year’, 15% selected ‘Up to £150 a year’, 10% selected ‘Up to £200 a year’, 12% selected ‘More than £200 a year.’ The mean result of this is: £85.09.

When respondents who have heard of telematics / black box were asked whether the statement ‘A black box can locate where you are, should you be involved in an accident’ was true or false: 25% selected ‘could be true or false’, 6% selected ‘probably false’, 2% selected ‘definitely false’, 15% selected ‘don’t know’. When respondents who have heard of telematics / black box were asked whether the statement ‘The data can be used to track your car if it is stolen’ was true or false, 20% selected ‘could be true or false’, 8% selected ‘probably false’, 3% selected ‘definitely false’, 15% selected ‘don’t know’. When respondents who have heard of telematics / black box were asked whether the statement ‘A black box policy will allow me to monitor and improve my driving’ was true or false, 23% selected ‘could be true or false’, 7% selected ‘probably false’, 2% selected ‘definitely false’, 9% selected ‘don’t know’. When respondents who have heard of telematics / black box were asked whether the statement ‘Black box insurers offer rewards for good driving’ was true or false: 20% selected ‘could be true or false’, 5% selected ‘probably false’, 3% selected ‘definitely false’, 10% selected ‘don’t know’. When respondents who have heard of telematics / black box were asked whether the statement ‘, The data can be used to help secure an insurance pay out if you have a car accident’ was true or false: 21% selected ‘could be true or false’, 6% selected ‘probably false’, 2% selected ‘definitely false’, 14% selected ‘don’t know’.

When respondents who have heard of telematics / black box were asked whether the statement ‘You are subject to a curfew if you have a telematics policy and are penalised if you drive at certain times’ was true or false, 9% selected ‘definitely true’, 18% ‘probably true’.

When asked ‘Before today, had you heard of black box / telematic insurance policies before?’ 23% of respondents aged 18-24 who have a driving license selected ‘I have a telematics or black box car insurance policy’. When asked ‘Before today, had you heard of black box / telematic insurance policies before?’ 2% of respondents with a driving license aged 55-64 selected ‘I have a telematics or black box car insurance policy’