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Carrot launches insurance product for young drivers

Carrot
Carrot

According to a recent news, Carrot Car Insurance has launched a new product for young drivers which allow them to earn rewards for safe driving by using a telematics device. As in news, the device allows drivers to earn up to a maximum of 15 per cent of their annual premium back in driver rewards.

According to the source, the device which is called ‘i-box’, allows drivers to see their own Driving Style score which is based on speed, usage and smoothness and is updated each journey so that drivers feel fully engaged in the process of driving more safely.

It is also being said that the product encourages drivers to use social media to post their driver score and compare their score with their friends so that safe driving becomes a joint goal. Additionally, it is said to monitor various aspects of driving, such as braking, acceleration, swerving and the type of journeys made which is then aggregated together to give an overall driving score from which quarterly rewards are calculated.

The rewards earnt under the scheme are said to be added to each policyholders Carrot Card prepaid Mastercard which can be used at 32 million locations worldwide or withdrawn as cash at any cash machine.

On the ethos behind the Carrot model, Ed Rochfort, senior official, Carrot, said: “Since Carrot was first conceived, our philosophy has been to build a telematics insurance product that encourages and rewards safe driving, rather than punishing poor driving. We’re finding that the combination of lower premiums, generous Driving Style cash rewards, refer-a-friend rewards and further cashback from our retail partners offers something really refreshing and genuinely appealing to young drivers.”

 

Source: Carrot Car Insurance

 

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