Over the next 3 years, young drivers will have the opportunity to obtain significantly cheaper car insurance available through i-kube. A GPS satellite tracking technology will be fitted into their vehicles to help promote safer driving.
Leading GPS tracking and vehicle telematics company VeriLocation has just agreed a ground breaking long-term deal with insurance broker Protectagroup, for its i-kube service.
It’s believed to be the biggest GPS technology deal made in the UK in the last 12 months, and is set to shake up the young driver’s insurance market.
Drivers aged between 17 and 25 will be able to save a significant sum a year on their car insurance by agreeing not to drive between 11pm and 5am – known as the “red hours”.
“Statistics show that young drivers are more likely to have serious accidents if they drive between these times,” explain Protectagroup’s technical director Ian Brown.
“When they sign up to i-kube they are effectively promising us they won’t drive in the red hours. If they do, the GPS system automatically notifies us and we charge a higher premium”.
Andrew Overton from VeriLocation added: “The technology for this is clever and reliable. It is an easy way for Protectagroup to ensure that young drivers keep the promise they make.
“This keeps insurance premiums down for the drivers; the amount of risk down for the insurer; and will prevent a number of accidents. Everybody wins.”
The small i-kube unit will be installed by engineers behind the dashboard of the young driver’s vehicle.
If it detects the car is moving during the red hours, it will notify VeriLocation, sending information using the mobile phone data networks.
VeriLocation summarises this information for Protectagroup. The young driver will then have an additional premium added to their policy.
The i-kube unit is expected to be fitted to up to 6,000 vehicles a year for the next three years.
VeriLocation has been in GPS tracking and mapping since 1995, and now tracks more than 10,000 devices and vehicles in the UK.
Protectagroup was established in 1991 and is now part of the CCV Group. Its best-known UK Personal Lines Insurance brand is Motaquote.