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Nearly half of drivers over 55 want pay-as-you-drive insurance policy

Trakm8 has commissioned a new national driver survey to gain insights into how drivers purchase insurance and what they expect from future policies. The survey has shown that nearly half (47%) of all drivers over 55 would like their next insurer to offer a pay-as-you-drive (PAYD) policy.

The survey highlighted that older drivers are much more likely to switch to a PAYD policy than younger drivers with 47% of over 55s keen to switch followed by 38% of over 45s compared to only 31% of 18-34 year-olds who stated they were keen to move to a usage-based insurance solution. The survey also asked drivers if they would like their next insurer to offer a driver app and 25% said this was key when looking for a new policy.

These results highlight a real shift in how drivers are purchasing car insurance policies and how the ‘new normal’ and the cost-of-living crisis have changed the expectations of their insurers and driven demand for tech-based solutions such as PAYD and other usage-based insurance solutions to help reduce the cost of their cover.

Trakm8’s enhanced ‘Connectedcare’ solutions work alongside their driver data analytics to give insurers detailed insights into the health of their customer’s vehicles. These solutions enable insurers to truly understand their customers and their vehicles helping them improve customer services and retention by offering tailored policies based on their specific requirements.

Adam Gooch, Managing Director for Insurance at Trakm8, added, “At Trakm8 we are making connected car data services part of insurance solutions and this national driver survey gives us real insights into what factors are important to policyholders in the UK when purchasing or renewing insurance policies.

The increased demand for PAYD policies is expected to continue as the cost-of-living crisis starts to impact individuals across the UK. Our comprehensive end-to-end insurance telematics solutions are designed to give insurers a unique opportunity to help personalise policies based on a customer’s habits and tailor costs accordingly.”

Pay-as-you-drive Insurance

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