Telematic providers becoming less competitive as capacity drops
A new report has found telematic insurance providers are becoming less competitive, accounting for just 17% of the top five motor quotes between May and August 2023. This compares with 21% the previous quarter, which particularly effects young drivers.
According to the latest Consumer Intelligence Car Insurance Price Index, having accounted for 53% of the most competitive quotes for under-25s three months ago, telematics providers have now fallen to just 41%. Under 25s are seeing rises in quoted premiums of 66.7%, it added.
Related Broking telematics under the spotlight as motor insurers withhold or pull capacityThe broking telematics market has had a few setbacks with Unipol pulling capacity and Lumun pivoting to become an MGA.
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