Co-operative Young Driver Insurance saves policyholders over £7.4m in first year of driving
02 March 2016
- 5th anniversary of Co-operative’s Young Driver insurance product
- Co-op were the first mainstream insurer to offer a telematics based product aimed at rewarding safer driving
Since it launched in 2011, the Co-operative Insurance has saved its Young Driver policyholders over £7.4m in their first year of driving*.
Latest data from the Co-operative Insurance has found that on average its Young Driver policyholders receive £120 back in their pockets in the first year of taking out their policy.
The Young Driver Insurance policy works by rewarding policyholders for safe driving and the Co-operative Insurance was one of the first mainstream insurance providers to bring telematics to the mainstream market. It prices discounts based on four factors:
- Speed – keeping within limits
- Acceleration and Breaking – not accelerating/ breaking suddenly
- Cornering – driving in a controlled manner around corners
- Time of driving – certain times can be risker to drive at
Conversely, policyholders who drive badly may also see an increase in their premium policy price.
Steve Kerrigan, Head of Telematics at the Co-op Insurance said:
“Young drivers can be labelled as being bad drivers, often unfairly. Our telematics-based product has enabled us to give back over £7.4 million to customers since 2011, who have proved that they are safe drivers.
“Keeping communities safe is one of our priorities. By offering a policy which aims to improve road safety as a result of incentivising good driving behaviours and giving driving tips to people who need driving improvement is a positive step to achieve this.”
For more information please contact:
Press and Media Relations Manager
0161 767 4354 / 07770 441 828
Notes to editors
*First year of holding a Young Driver policy with the Co-operative Insurance
Average customer discount given in year one March 2011-January 2016. Level of discount is up to 22.5% off the premium and is dependent on a driver’s driving score over the year.
£120 x number of policyholders since March 2011 – January 2016
About The Co-operative Insurance
The Co-operative Insurance is a UK-based general insurer that operates principally within the personal lines segments of the motor and home insurance markets. The Co operative Insurance underwrites the majority of business written, supplemented with some small lines of business where The Co operative Insurance acts as a distributor or has a 100% reinsurance arrangement in place.
With more than 1.18m customers, The Co operative Insurance is committed to ‘Doing the Right Thing’ and always strives to treat customers and members fairly. The Co operative Insurance pioneered the way in lowering the insurance premiums of young drivers as the first major insurer to launch a pay how you drive telematics insurance product for young drivers in 2011. Since launching the scheme, The Co operative Insurance has saved its young drivers more than £7.2 million in their first year of driving.