Ticker, a provider of connected motor insurance which placed fifth on our InsurTech 50 ranking this week, has launched the first dedicated telematics product for over-65s.
Over the last 15 years, connected motor insurance has changed the game for young drivers, who are over-represented in serious crashes involving personal injury.
Ticker says it’s now time for a connected insurance product specifically designed for the needs of over-65s to help them stay safe on the road and combat the increasing cost of their insurance.
From 2023 to 2024, older drivers saw a 43% increase in premiums. Having traditionally been loyal consumers, they’re now more likely to shop around and explore new options.
Ticker conducted focus groups up and down the country, and found that over-65s feel they’re unfairly villainised by the media and insurers; that they’ve seen huge premium hikes despite being a very risk-averse group; and instinctively avoid higher-risk driving, including at rush hour or after dark.
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As well as being attracted by a lower starting premium simply for being willing to share driving data, they’re keen to receive feedback on their driving for reassurance and delighted at the prospect of earning a reward for good driving at renewal.
“The founding team at Ticker helped to introduce connected car insurance into the UK over the last 15 years. I’m delighted that we’re spearheading the introduction of a specially designed product for over-65s,” said Richard King, founder and CEO.
“The focus groups taught us so much about older drivers: how to engage them, how to incentivise them and how they would like to receive feedback on their driving. Our data science team has also done some ground-breaking work to develop new tools to analyse their driving behaviour and its potential impact on loss ratio.”
Ticker’s older driver product is available through all four of the main price comparison websites and at ticker.co.uk.
Rob Heard, chair of the Older Drivers Forum, added: “Many drivers find the cost of car insurance is rocketing purely because of their age.
“Even with an excellent, safe driving career, they’re now being penalised. The Older Drivers Forum regularly receives emails from concerned mature drivers on what they can do to reduce premiums.
“We are very happy to see the launch of a new product that deals with the driver as an individual, taking into account their driving behaviour and rewarding them with lower premiums.”