Home / Insurance Telematics / UK saved approximately £160 million in car insurance costs through adoption of usage-based insurance policies in 2017

UK saved approximately £160 million in car insurance costs through adoption of usage-based insurance policies in 2017

Octo Telematics has released data showing that drivers across the UK in 2017 saved approximately £160 million in car insurance costs through adoption of usage-based insurance (UBI) policies – an average of around £167 each, or the cost of an MOT and service.

octo-t'wire

Telematics insurance policies are growing strongly across the UK, with many insurers able to offer up to 20% discount automatically. Car insurance costs reached £838 on average in Q3 2017 according to Confused.com’s car insurance price index. According to Ptolemus, there were 679,000 live policies in the UK in 2016 and more than 959,000 expected through 2017.

About Piyush Rajan

Asst. Editor |Telematics Wire | Smart automotive

Check Also

usage-based-car-insurance-

Europe and North America will reach 65.2 million active insurance telematics policies in 2021, says report

According to a new research report from the IoT analyst firm Berg Insight, the number …