Smartbox insurance scheme launched

Sam Jackson

March 21, 2011

November 13, 2018

Smartbox insurance scheme launched

Young drivers can look forward to new car insurance scheme tailored to them by Co-operative Insurance.

A new scheme using a "smartbox" and satellite technology to track how policyholders are using their cars will lead to a "pay as you drive" system.The monitor will examine braking, cornering, speed and journey times - as accidents are more likely to take place at night for young drivers.

Every 90 days an assessment will be made, with 11% discounts available off annual premiums for careful drivers - leading to an annual saving of £328 on average.

If the smartbox shows poor driving skills, however, the premiums could go up by as much as 15% - and the policy would be rendered invalid in the event of driving bans being handed down by the courts.

There is no installation costs for the palm-sized smartbox, which will allow policyholders to view an online "driving dashboard" to monitor their own driving performance.

Sam Jackson

Money Dashboard

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