BIBA reports 1,500% growth in black box car insurance sales

The British Insurance Brokers’ Association (BIBA) published their telematics car insurance industry research last week.

The report highlights the growth of the sector over the past year, and predicts that the ban on gender rating will amplify the growth in the take-up of black box car insurance policies.

This new kind of car insurance is particularly popular with young and new drivers who often find car insurance expensive and sometimes can’t even get a quote. The Telegraph recently reported that young males aged 17-22 now pay an average of £2,792 for their insurance. Having a box fitted to your car could make getting on the road a more realistic possibility for young drivers across the UK.

Demand for telematics is predicted to further accelerate in light of a new EU directive, whereby a driver’s gender cannot be used in generating their quote. Having a box fitted could therefore be an attractive option for young female drivers seeking to avoid the expected rise in their premiums.

Another benefit of the box is that insurers can evaluate young drivers more quickly. Instead of waiting for your annual renewal to earn NCD, your policy could be reviewed every three months. Not all telematics providers have quarterly reviews, but one interesting insurer that does is ingenie – as well as being backed by Gary Lineker and underwritten by insurance heavyweights Ageas and RSA, the black box car insurer also uses a mobile app to send frequent driving feedback to their customers, as well as providing helpful tips on how to become a better driver.

BIBA are already forecasting 500,000 annual box insurance policy sales within the next two years.

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