According to new analysis from Insure The Box, a global pioneer of telematics-based car insurance and the leading provider of ‘black box’ policies in the UK, drivers who spend 20% of the time over the speed limit, increase their risk of having an accident by 87%.
The findings, based on analysis of 3 billion miles of 2015 driving data and associated claims accumulated by Insure The Box, also shows that those that speed 10% of the time, increase the risk by 42%. The company’s analysis also reveals that smoothness of driving is another key factor in accident risks. Drivers who have erratic driving behavior, such as swerving, speeding, and habitually slamming on the brakes, are far more likely to end up having a crash. The findings underline the power of driving data from black box policies in supporting driver safety. The company is proud to be championing road safety initiatives and encouraging customers to drive safer though the feedback it provides. Recently it identified a 30% increase in evening rush hour accidents immediately after the clock change to Winter Time, and implemented a program of communication to warn customers about the risks.
“When Insure The Box launched over six years ago, we had a clear objective to change the way insurance serves young drivers, and to support safer driving in this high risk age group,” explained Charlotte Halkett, general manager of communications for Insure The Box. “Unlike traditional motor insurers, we can calculate the risk of a customer having an accident based on their individual driving patterns, rather than the usual parameters such as age and vehicle engine size. And the actual driving data received from the black boxes installed in our customers’ vehicles enables us to directly target feedback and incentives to encourage our policyholders to improve their driving. For example, we have seen a reduction in speeding of 15% among customers who we had seen speeding on a regular basis. Our data shows that this is likely to reduce the number of serious or even fatal accidents on our roads.”
Halkett continued, “Furthermore, if our box detects a significant impact, we know about it immediately through our Accident Alert service, and can take action to best help our customer depending on their real-time circumstances. On average, we call the emergency services 16 times a month on behalf of our customers, sending them directly to the spot where the accident happened. We have had nearly 100,000 Accident Alerts since launch and are in a unique position to understand the dynamics of a motor accident. Our telematics data is also proving immensely powerful in identifying potentially fraudulent claims and protecting our customers when there is a liability dispute.”
Simon Rewell, road safety manager at Insure The Box, added, “There are still far too many young men and women killed or seriously injured on our roads. We are proud to be at the forefront of the telematics insurance market, and remain committed to using driving data to support young driver safety.”