Co-operative Smartbox Insurance

One of the leaders in the telematics car insurance industry is Co-operative Insurance with their car insurance product geared for the young driver called Smartbox. The insurance provider has embraced the term that is often used to describe the telematics GPS unit and has associated it with their own brand and product. Smartbox is geared toward young drivers between the ages of 17 and 25 years old and is helping to save money when it comes to young driver insurance.
The requirements to obtain Smartbox for a young driver is that they fit the age requirement, they have a valid driver’s license, a Vehicle Registration Document (VRD), Log Book, or a V5 Document (at least section 10 – the New Keeper Supplement).

Coop smartbox logo

It is no surprise that this innovative and highly popular product for young drivers is offered by the largest consumer co-operative, The Co-operative Group through their Co-operative Financial Services brand of insurance. Having offered car insurance for many drivers including young drivers they knew exactly how to use the telematics car insurance to help save young drivers money on their car insurance premiums.

Co-operative Insurance’s Smartbox brand telematics car insurance for young drivers uses a GPS telematics unit that is installed in the car’s dashboard. Through this unit the insurance provider can gather data as to the driving habits and skills of the young driver. They are interested in the data that is associated with how fast the driver speeds, how fast they corner the car, times of day the car is on the road, quick braking, and the amount of distance that is covered by the car as an average. This data is then used to determine the risk involved in providing insurance to a young driver. Most car insurance products that use the telematics technology penalize for driving at certain times or for traveling excessive distances. The Smartbox product differs by giving young drivers discounts for safe driving skills which has lead it to not be called “Pay as You Drive” but rather “Pay How You Drive”. This is perfect for young driver insurance for it offers a young driver the opportunity to establish a gauge of their own risk rather than being thrown into a statistically high risk group of “young, inexperienced, risk taking drivers” that deserve to pay higher cost premiums.

Product Description

Smartbox car insurance for young drivers is what car insurance industry experts refer to as a pay how you drive policy. How a driver behaves behind the wheel will determine the pay amount of a policy. Choosing to adapt safe driving habits is something everyone wants to see a young driver do and this policy rewards a young driver for doing so. They can save money on their premiums costs and make sure they avoid the typically high and costly car insurance policies usually quoted to young drivers.

Benefit on Comprehensive Cover

Through the choice of Smartbox car insurance there are attractive features that only add to the benefits already discussed. They amount to a car insurance product that well suits the needs of a young driver. Location of the vehicle in the event of theft is one bonus to having the insurance. Another is the ability to budget and pay for the insurance policy in installments. This is especially helpful to young drivers that are taking on the cost of their own insurance or for parents that are adjusting to the added financial drain on the family budget by having a young driver in the family. There is an offer of a courtesy car in the event of an accident, windscreen coverage if repair is needed due to a stray rock or debris hitting the car. Personal accident coverage is offered for up to £5,000, personal belongings are covered up to £100, and medical coverage for up to £200.

GPS Considerations

The specialized telematics GPS box used by Co-operative Insurance is small but impressively used by installing it out of sight into the car’s dashboard. No one will be aware of the black box at all. This is a special feature of the insurance product as it does not expose itself to possible thieves. Should the car be stolen it can quickly be located through the GPS technology of the Smartbox unit. The installation of the unit does not interfere in any way with a manufacturer’s warranty on the car. It is compatible with most any make or model of car and can be quickly installed in less than hour into the car’s dashboard. Using the Smartbox telematics car insurance offers the installation without cost to the driver. Another feature is that the data collected by the Smartbox unit can be viewed online by the insured driver. This allows the driver to monitor their own habits and usage of the insurance. They can then make changes to their habits to become a safer driver or use the data to determine when more units of miles will need to be purchased. Co-operative Insurance’s Smartbox reviews the data and offers discounts to insured drivers on a quarterly basis.

Policy Fees

Experts often point out that fees associated with a car insurance policy can negate savings found with the product. Co-operative Insurance has very few fees associated with their Smartbox policy. The savings realized by not having to pay for installation costs makes this a very attractive telematics car insurance product. There can be fees assessed if the driver does not keep their assigned appointment to have the installation. There is a fee associated with the removal of the unit, cancellation of the policy before the term expires, and if the unit must be switched to a new car during the term. These are common fees associated with most telematics car insurance products. Young drivers are choosing Smartbox as a way to have a quality but affordable car insurance product for their unique needs.

Optional Extras

There are optional extras available that can be added to a young driver’s policy. These extras are offered outside the usual policy as it may not suit all driver’s needs, but is available for those that would desire them. A Smartbox policy can for a very minimal fee add on breakdown coverage which can be a concern of many parents as to how to they would face such an event, as well as key car coverage. Legal coverage can be added as well as coverage for gadgets, which can amount to being quite smart considering the cost of the gadgets owned by young drivers. These can be added in full or individually chosen to be a part of a policy.