Co-Op Car Insurance Pay as You Drive Launched
Co- Operative Car Insurance is launching a second wave of pay-as-you-drive schemes, offering the chance of cheaper premiums for all drivers who rarely travel in the rush hour or late at night.
The motoring technology uses a GPS type system, and records the mileage and hours of use of a vehicle.
Co-operative Insurances new policy based on the technology, which it claims could reduce insurance costs for some drivers down to to 1p.
The Co-op Car Insurance company says the average cost of cover for young drivers rose by almost 4 times that of inflation last year.
David Neave, the Director of General Insurance at the Co-op said “With this continuing trend, which directly reflects the increased risk posed by young drivers, a whole generation could become uninsurable, adding to the already growing problem in the UK.”
“As long as young drivers are properly educated about the risks of the road and drive responsibly, there is no reason why they should be priced out of the market. Knowledge is a powerful tool to cut the number of young driver deaths on the road, which currently runs at a shocking 13 a week.”
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