This site uses cookies. By continuing to browse the site, you are agreeing to our cookie policy.

The Co-operative Insurance Saves Young Drivers £7.2m in their first year

23 March 2015

  • A third of young drivers feel under pressure to drive faster (35 per cent)
  • A quarter of young drivers are distracted by friends in the car (28 per cent)
  • Almost half of 17-24 year-olds feel safer driving on their own (47 per cent)
  • Almost two thirds don’t feel adequately prepared to drive safely when passing their test (62 per cent)

young driversThe UK’s first major insurer to reward 17-24 year-olds for responsible driving, The Co-operative Insurance, has saved its young drivers more than £7.2 million* in their first year of driving since launching the scheme in March 2011.

In the four years since the insurer introduced the product:**

  • Young drivers have covered more than 560,000 miles
  • Drivers have saved almost £170.00 on average in their first year equating to a discount of 15 per cent
  • Around 60,000 young drivers have been insured
  • Of young drivers who have had their car stolen, 83 per cent of vehicles have been recovered successfully

To mark the initiative’s four-year anniversary, research commissioned by the insurer has found that peer pressure and distractions continue to be key concerns for young drivers, while many still feel unprepared when they first pass their test.

More than a third of young drivers feel under pressure to drive faster (35 per cent), with more than a quarter admitting that they are most distracted by having their friends in the car (28 per cent).***

One in 10 were put off by having their parents riding as a passenger and almost half preferred to drive on their own (47 per cent), saying they felt much safer.
Almost two thirds of those questioned (62 per cent), did not feel adequately prepared to drive safely when they passed their test and more than two in five (40 per cent) know that their parents worry about their driving.

When asked about what excited them most when passing their test, more than half of young female drivers (53 per cent) said it was having independence and one in eight (13 per cent) were happy not to have to use public transport. A fifth of young male drivers (18 per cent) were most excited about feeling like an adult and nearly one in ten (7 per cent) were happy to be able to pick up their girlfriend.

The Co-operative’s own data reveals that almost 98 per cent of young drivers received zero alerts for poor driving behaviour, receiving considerable discounts in their insurance premiums and highlighting the responsible approach many young drivers are taking by opting for a telematics policy.

Steve Kerrigan, Head of Telematics at The Co-operative Insurance, says: "As a leading insurer we have a responsibility in helping to keep our young drivers safe, especially given one in four 18-24 year olds (23%) have a crash within two years of passing their driving test.****
We introduced the young driver scheme to encourage responsible, confident and safe driving and the huge savings that we’ve passed onto our young drivers in their first term over the past four years is significant in proving that the telematics technology is working.
Often young drivers can feel persecuted for their lack of experience but we believe it is important to reward and encourage safer driving."


Notes to editors

*£7,279,304.96 in the customer’s first year of driving
**Data from The Co-operative Insurance: Total number of young drivers insured from 17th March 2011 to 9th March 2015
***Research carried out online by One Poll surveying 633 young drivers aged 17-25 in March 2015
****Young drivers at risk, The AA, 2012

The Co-operative’s Smartbox works like a Sat Nav or GPS to record driving style, rewarding safe young drivers with a discount every 90 days. It uses data collected from four different driving parameters, including average speed, acceleration or braking, the time of day the car is driven and how fast corners are taken. An added bonus of having the SmartBox installed is the useful tracking device meaning stolen cars can be recovered.

An online dashboard, which can also be accessed via a smart app, keeps track of the driving score and performance, enables access to the policy documents 24/7, and provides helpful tips to improve driving.

For further information please contact:

Alex Wilson
Press & Media Relations Manager – The Co-operative Group
Tel: 0161 767 4281/07540 641368

Lauren Hoult
Press & Media Relations Manager – The Co-operative Group
Tel: 0161 767 4256/07702 505626

About The Co-operative Group

The Co-operative Group is the UK’s largest co-operative business, whose purpose is “Championing a better way of doing business for you and your communities.” Owned by over eight million members, The Co-operative Group operates a total of 4,500 outlets, with around 87,000 employees and has an annual turnover of £11 billion with interests across food, funerals, insurance and legal services.

The Group operates across two core divisions of Retail and Consumer Services. The Consumer Services Division includes Funeralcare, the UK’s number one funeral services provider, Co-operative Insurance, a major UK general insurer and CLS, The Group’s legal services operation. Co-operative Insurance offers business, home, motor and pet insurance products.