The British Insurance Brokers’ Association (BIBA) has teamed up with member Marmalade to provide a young driver telematics scheme.
The new scheme will allow BIBA members to increase their share of the growing young driver market by offering competitive average premiums of around £1,300, on average, for 17 – 24 year olds on a full or provisional licence.
BIBA has ensured that members will retain customer ownership with the benefit of all sales being finalised by Marmalade. There is also exclusive personal business use for BIBA members’ policies, in addition to social, domestic, pleasure and commuting.
The launch follows recent research from BIBA showing that the use of telematics policies continues to rise, with live policies increasing by nearly 25% year on year to exceed three quarters of a million in 2016.
The scheme has two products: New Driver Insurance, which offers a comprehensive telematics policy with no curfews or mileage caps. A second product Cars for Young Drivers includes a wide range of new cars with low deposits, finance available and a year’s free New Driver Insurance or a contribution towards the premium.
As part of the scheme, brokers will have access to Marmalade’s exclusive Broker Dashboard, their dedicated Broker Support Team and free marketing material.