Responding to the House of Commons’ Transport Select Committee’s inquiry into the reasons why young drivers are at a higher risk of being involved in road traffic collisions, the black box insurer believes all 17 to 22-year-olds should have a telematics policy for a year after they pass their driving…
By Katie Scott ( Article featured in Insurance Times)
Telematics provider Carrot Insurance is lobbying the government to reduce or remove insurance premium tax (IPT) for young and new drivers who are using black box insurance policies – the insurer believes this type of “fiscal nudge” will minimise the risk of this demographic being involved in road traffic collisions and “enable the government to make a major contribution to road safety”.
Carrot Insurance, part of UK-based global telematics business Trak Global Group, has responded to the House of Commons’ Transport Select Committee’s inquiry into the reasons why young and novice drivers are at a higher risk of being involved in road traffic accidents and what the government can do to reduce these risks.
About Carrot Insurance (Carrot)
Carrot Insurance (Carrot) is a wholly-owned subsidiary of Trak Global Group (TGG). In the UK, Carrot is an award-winning B2C telematics insurance provider, but the underpinning platform has now been made available internationally to enable any organisation seeking to take a UBI proposition to market to do so quickly and with a high degree of configurability.
By using telematics hardware and smartphone apps to provide feedback, messaging and rewards to incentivise better driving behaviours, the Carrot approach is proven to help reduce claims frequency – this in turn reduces insurance premiums for policyholders and increases customer satisfaction, and reduces losses for insurers.