Tesco Bank launches pay-as-you-drive insurance

Tesco Bank launches pay-as-you-drive insurance

Tesco’s new telematics policy is aimed at young drivers aged between 17 and 25 and involves a telematics box being installed in the car to measure:

  • speed
  • braking
  • time of day
  • distance traveled
  • type of road
  • breaks taken

 

Bonus miles are awarded if the young person drives well. The policy is administered by Insure the Box Limited and includes a personal web portal so that policy holders can monitor their own performance. 

Tesco Bank  managing director, insurance Karl Bedlow, said: ‘Sitting behind the wheel of a car in those first few years of driving is exciting but also daunting and we want to help young drivers, and their parents, make it as safe as possible.’

Research conducted for Tesco Bank showed that 39% of young drivers had been involved in an accident with 64% of parents worried about their children’s safety on the road.

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