We love myth busting here at WiseDriving and the internet is full of stories about how telematics or black box insurance isn’t any cheaper than regular car insurance.
In fact, you could earn yourself a lower insurance premium with one of our black box policies. With careful driving offering you the ability to lower your price over time, it’s a no-brainer when it comes to getting on the road.
How much cheaper is Black Box insurance?
It’s hard to put a finger on exactly how much cheaper it is. After all, a lot of things are factored into a quote, including everything from the size of your car to how many years’ No Claims Discount (NCD) you have.
Let’s say you decided to take matters into your own hands and choose WiseDriving to install a telematics device in your car.
We offer you the opportunity to earn a more personalised premium when you take out our telematics insurance - so careful driving can make a difference to what you pay over time.
Telematics devices measure a number of things, including:
- How fast you accelerate.
- The speed you drive at.
- How hard you brake.
- Which roads you drive on
- What time you drive
If you drive safely, then you should be able to lower the cost of your car insurance. We review your driving every month - and you can also keep an eye on how you’re doing via your online WiseDriving account.
What do insurance companies take consider when putting together a quote?
It’s not just age that matters. There are a fair few other factors that go into pricing your car insurance - which is why it’s so difficult to give a clear example of how much cheaper black box insurance is. Here’s a quick round up of what is looked at:
- The type of car you drive - It’s safe to say if you’ve managed to get your hands on a sports car, this is going to cost more than a 10-year-old runaround. High value cars cost more to insure, just as they cost more to fix and are worth more money
- The size of the car’s engine - A larger engine = a larger insurance quote. This is because the car has more power, which means you could be more of a risk on the road when it comes to speed and acceleration.
- The age of the car - Typically, older cars are cheaper to fix so could cost less to insure.
- How many miles you intend to drive - The more mileage you clock up, the more you pay as being out on the road is a risk.
- Where you live - Areas with high crime rates will lead to a steeper insurance price, as there is a higher risk of damage or theft if left there overnight. If you can park on your driveway (or even better, a garage) this will go in your favour when your quote is calculated.
- Who is driving the car - Of course, you will be considered first but if you add named drivers to your policy this will also have an effect on what you pay. Putting older drivers, with clean driving histories, on your insurance could bring the price down. Check out our insurance for young driver’s guide, which breaks down how you may be able to save money.
When it comes to getting car insurance, a lot more than your age is considered - so it’s worth bearing these factors in mind when debating the type of cover you choose or whether you have a black box installed.
Check out our guide about first time drivers insurance to find out more about car insurance cover and what you need to think about when preparing to get out on the road.
Correct at the time of publication. Information in this article has been gathered from various sources, therefore WiseDriving cannot be held responsible for any view or opinion expressed herein.
