Co-operative rewards young drivers with cash back
August 19th, 2011
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About 90% of motorists with The Co-operative’s Young Driver insurance will see over £100 returned to their bank accounts this month of August 2011, after proving themselves as safe drivers.
The cash-back is a reward to motorists who have kept to speed limits, avoided excessive harsh braking and acceleration and taken corners carefully since the Young Driver scheme was launched in March.
The insurance product uses ‘Smartbox’ telematics technology to monitor how a car is driven and ‘scores’ behaviours every 90 days. If motorists make the top scores in all four categories (speeding, cornering, braking and acceleration, time of day of driving), they are given a partial refund on their initial premium.
Source: Co-operative Financial Services
