INSURERS EXPECTED TO OFFER MORE TELEMATICS POLICIES AS RISE IN VEHICLE THEFTS INCREASES BY OVER 50% IN 2019
New figures published by the RAC this week highlighted that vehicle theft in the UK has increased by more than 50% on last year. This alarming trend is UK wide as it is happening across the country and isn't just confined to a few urban areas.
This huge increase in thefts is disconcerting news for the insurance industry as this will undoubtably mean an increase in the number of costly theft claims and it highlights another benefit to offering telematics “black box” insurance policies to drivers.
Following a Freedom of Information request, the RAC reviewed figures from police forces across the UK from 2014/15 to 2018/19. These figures showed that over 150,000 vehicles were stolen in 2018/19, up by 56% (54,932 vehicles) on the previous year.
ITS Telematics Solutions enables insurance companies to offer telematics “black box” insurance policies and is a market leader in driver data management and analytics. These policies allow insurers to not only monitor driver habits but also offer a 24/7 theft tracking service. The highly effective theft tracking service provides the best possible chance of recovering a stolen vehicle which ensures that loss ratios are protected.
Adam Gooch, Commercial Director at ITS, commented, “We are suprised by the increase in vehicle thefts last year and it clearly highlights that, even with the advanced technology being used by car manufacturers, it simply isn’t preventing thefts. AT ITS we have seen first-hand how our technology has helped to recover stolen vehicles quickly and effectively, avoiding an expensive claim for the insurance company and reducing the stress and inconvenience caused to drivers when their vehicle is stolen.
Over the last 5 years we have seen a steady increase in the demand for “black box” policies as insurance companies compete to offer the best quotes and drivers are keen to not only pay less but also take control of their own policies.”.