A small device that delivers big savings to young car drivers
AXA is offering for young drivers who agree to install a device in their car a significant discount on their insurance premiums. Reductions of up to 30% are available to those between the ages of 17 and 24 who want to take out their own policy or be a named driver on another person’s policy, namely a parent.
The piece of equipment, which is around the same size as a standard smart phone, is installed for free into the vehicle that the young driver uses on a daily basis. Developed by British technology firm, My Drive Solutions, the GPS unit tracks speed travelled, distance travelled, the current location of the car as well as general driving behaviours performed by the driver.
The data gathered by each unit is analysed by My Drive Solutions and subsequently transmit this data to AXA. Every driver who signs up to the DriveSave initiative instantly has 20% knocked off the cost of their insurance.
A further 10% is then applied providing the driver reaches performance criteria based on the principles of good driving. However, those found not to be driving safely on the road or excessively driving over the speed limit may not be awarded the 10% discount. Such drivers also run the risk of no longer being eligible to partake in the DriveSave scheme altogether in the future. A typical young male with a Learner Permit paying €3,000 at the moment can save €900 by securing the full 30% discount on the scheme.
Building on from a previous scheme over 10 years ago, AXA have re-launched this scheme as an opportunity for young drivers to show their commitment to safe driving with the incentive of reduced premiums by having a device fitted in their car as per the conditions of the scheme.