Passing your driving test is one of life’s big milestones – and often to be celebrated…
But if you’re a young driver, being able to throw away the L-plates doesn’t necessarily mean you can enjoy the freedom of the open road. Ever-increasing insurance quotes for young drivers are making it almost impossible for many of them to get behind the wheel; they simply can’t afford to do it.
Which begs the question: is it fair to charge young drivers a fortune for insurance because of their age? After all, while we’re all familiar with the concept of ‘boy racers’ not every young driver out there is going to drive recklessly. Wouldn’t it be fairer to pay a premium based on how you drive instead? It’s an idea most parents of young drivers would love too – considering they are often the ones that have to foot the rather large insurance bill.
The Co-operative Insurance have taken steps to address this directly and have created a product called Young Driver Insurance. Created specifically for young drivers, it offers an alternative to the eye-watering quotes and massive premiums they’ve put up with until now. Not only does it offer young drivers a chance to save on the initial premium, it also gives them the chance to earn Safer Driving Discounts on top (driving badly could mean an increase in your premium – but never by more than 20% over the course of the year). It all sounds too good to be true, so you may be wondering how the policy works.
Well, the key to it is ‘Pay-How-You-Drive’ technology which comes as standard when the product is taken out – a Smartbox fitted to the car which monitors driving information including acceleration, braking, speed, cornering and time of driving. This information is reviewed every 90 days and used to help calculate a safer driving score.
By driving more responsibly, drivers can earn a Safer Driving Discount of up to 11% off their annual premium.
But, as we’ve already said, fairness is at the heart of the product. So, every policyholder can also access an online dashboard to see how they’re driving, how this is affecting their premium and ways to improve their ‘safer driving score’. That way the product can actually encourage safer driving.
If you’d like to discover more about Young Driver Insurance and get a quote visit The Co-operative Insurance website.
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