Insurance Telematics

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.

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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.

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