Insurance black boxes have been the product of choice for many young drivers struggling to afford the astronomical premiums demanded by many car insurance providers. They constantly monitor driving habits to assist insurance claims and reduce premiums.
Recent moves by the RAC could see black boxes fitted in up to 2.5 million more vehicles after its partnership with Quindell. The partnership has established a joint venture “Connected Car Solutions” which could see the boxes fitted “on mass” to both breakdown and insurance customers.
The industry has such high hopes for the new venture, so much so that the venture has been valued at £1bn even before it’s signed it’s first customer. This drive for the technology could see the use of black boxes pushed into the main stream, expanding their use from the usual young “at risk” drivers and doubling the take up of such devices by UK motorists.
Rob Terry, founder and executive chairman, said the Quindell model would “revolutionise the insurance industry” and cut the cost of claims.
Britain leader is one of Europe’s fastest growing market for vehicle telematic services (after Italy). Figures show that more than 5m cars are already being tracked globally by insurance companies.