i-kube spokeswoman Emma Watson explains: “As we have a new relationship with an established insurer, Markerstudy Insurance Company Limited, we’ve got a clean slate so collectively decided to remove the gender factor from our new learner driver insurance. This puts us a step ahead of other insurers and gets us well on the way to bringing our other young driver insurance policies in line with the ECJ ruling by the required deadline.”
She goes on to say: “Provisional drivers are actually less of a risk than newly qualified drivers. They have to be accompanied by a qualified driver when they’re out on the road until they pass their test. But once they’ve passed, they’re on their own and many insurers view them as a riskier proposition.”
“Because learner drivers insured with i-kube will have our high-tech device that records the time of day the car is driven, we know that newly qualified drivers will still be encouraged to stay off the roads during the most dangerous hours between 11pm and 5am or face paying a penalty charge.”
“This means that their risk of serious accident is reduced, allowing us to maintain the cost of their insurance at the price agreed when they took out their provisional cover.”
In taking out an i-kube policy, the learner driver agrees to have an i-kube box fitted to their car. This is a small GPS device which sends out a signal to advise the insurer if the car is driven between 11pm and 5am, which is the most dangerous time for young drivers to be on the roads.
If the car is driven during this time, known as the ‘red hours’, the policyholder remains fully covered but is charged a penalty fee of £100.
Emma closes: “Unlike some of the other insurers who have recently started to use tracking devices to help with pricing, we believe in keeping things simple. We offer a fixed premium so learner drivers - or their parents who frequently pay for cover - can budget and know they’ll only see an increase if the insured drives during the red hours or amends their policy in anyway.
For more information go to http://www.i-
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i-kube is an insurance product offered through Motaquote in conjunction with a number of insurance providers.
Established in 1991, Motaquote specialises in a wide range of personal and commercial lines insurance. Headquartered in Williamstown, South Wales it is part of nationwide group, Cullum Capital Ventures (CCV). www.i-kube.co.uk