- ingenie's approach to auto insurance has a proven track record of reducing collisions and cutting insurance costs -
- Young drivers are given a 10% up-front saving for choosing telematics, with the opportunity to earn up to an extra 25% Good Driving Discount. Online quotes are now available at www.ingenie.ca -
TORONTO, March 9, 2015 /CNW/ - Eighty per cent of young drivers in Ontario say it's unfair that young people pay higher car insurance rates. Now, auto insurance brand ingenie is taking the side of young drivers to help tackle the problem. ingenie is targeted to Ontario drivers aged 16 to 24, designed to help them become better, safer drivers and reward them with Good Driving Discounts.
"Traditionally, young drivers have been discriminated against and treated as a high risk by the insurance industry. ingenie is all about providing auto insurance specifically designed for young drivers," says Richard King, ingenie founder and CEO. "We help young drivers develop a good driving style, then reward them for how they actually drive, rather than treating them as a statistic."
In the U.K. where ingenie has been available since 2011, the approach has reduced young drivers' risk of having an accident during the first six-months of driving by 40%. Seventy per cent of ingenie's U.K. drivers earn discounts for safe driving.
Young drivers insured by ingenie install a Smartbox in their car, which builds a picture of their driving style based on indicators such as speed, acceleration, braking and cornering. Customers receive feedback on their driving every 10 days through the ingenie app or online at ingenie.ca. The feedback includes a driving score out of 100, tips on how to improve their driving and the amount they are on track to save through their Good Driving Discount.
Compared to traditional insurance models where drivers would have to wait until the end of the year to see a discount, with ingenie young drivers can earn their Good Driving Discount three times a year – up to 25% off a year in total. This helps to overcome the biggest hurdle between young drivers and car ownership; young drivers in Ontario say the cost of insurance is the biggest barrier to owning a car (60%), even more so than the up-front cost of buying a car (54%).
"This regular feedback and financial incentive can reduce insurance costs and is proven to help young drivers develop safe driving habits. In fact, in the U.K., over 90% of drivers regularly engage with their driving feedback to see how they're driving, find tips to help them improve and check how much they're on track to save. They are safer drivers as a result and proven less likely to be involved in a collision," says King. "We're excited to launch in Ontario as we are confident ingenie can reduce the number of young drivers involved in accidents and help make their auto insurance more affordable."
How ingenie works
ingenie is the first broker to allow young drivers to get an auto insurance quote, see how much they could save by driving well and quickly complete their purchase online. They also have the option to speak to an ingenie advisor if they have any additional questions.
After signing up with ingenie, drivers are sent a Smartbox, a small self-contained unit, which collects data on driving behaviour. Drivers can install the Smartbox easily on their own by plugging it in to their car's OBD (Onboard Diagnostic) port. Soon after beginning to drive with the Smartbox, customers can review their regular feedback, driving score and possible Good Driving Discounts in the ingenie app or online.
ingenie is an innovative young driver insurance brand that uses telematics technology to reward safe driving with savings. ingenie builds a picture of a driver's individual style, awareness and safety on the road, rewarding those who drive well with up to an extra 25% Good Driving Discount and helping those who need improvement become safer.
ingenie was awarded the prestigious Prince Michael International Road Safety Award in 2013, in recognition of its work to help make young drivers safer on the road. Among a number of industry awards, ingenie has won best start-up at the 2014 British Insurance Awards and insurance innovation of the year at the Insurance Times Awards.
There is more information about how ingenie has improved young drivers' driving habits in the U.K. in the ingenie Young Driver Report.
About ingenie's research on Ontario young drivers
Results for the ingenie study are based on an online survey conducted by Environics Research Group between February 9 and 17, 2015. A total of 500 interviews were conducted with licensed young drivers aged 16 to 24, living in Ontario.
Image with caption: "ingenie auto insurance is now available to Ontario drivers aged 16 to 24. To help them become better, safer drivers, young drivers insured by ingenie install a Smartbox in their car and receive feedback on their driving every 10 days with the opportunity to earn a Good Driving Discount three times a year. ingenie’s approach to auto insurance has a proven track record of reducing collisions and cutting insurance costs. Online quotes are now available at www.ingenie.ca (CNW Group/ingenie)". Image available at: http://photos.newswire.ca/images/download/20150309_C6266_PHOTO_EN_13169.jpg
For further information: Sinead Brown, [email protected], 416-413-5193