A new ‘pay as you drive’ policy has been introduced by Co-operative Insurance, specifically aimed at young drivers, who have seen motor insurance premiums rise at four times the rate of inflation during 2008.
An increase of 11.5% on premiums for under 25 year olds in 2008, sees the average cost of insuring a vehicle at £1463 per annum, a figure that prompts Co-ops director of insurance David Neave to comment; ‘With that trend set to continue, a whole generation could become uninsurable.’
The Co-ops latest policy is launched as part of it’s on going ‘2 Young 2 Die’ campaign and requires that a GPS ‘black box’ is fitted to the vehicle free of charge, to record journey times, distance and location. This information is used to evaluate the cost of the insurance premium, which the Co-op suggests could be as little as 1p a mile for the safest drivers.
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