Young drivers could benefit from savings of up to £150 off premiums by using LV= new driving app
Telematics data has the potential to assist car insurers in accurately pricing risks, boosts road safety and helps prevent motor fraud. On the flip side policyholders can benefit from lower premiums, but most importantly it can help encourage drivers, specifically the young to drive more responsibly.
LV= is launching a new smartphone telematics app to help good drivers save money on their car insurance premiums. The LV= Driving app is free to download and can be used with iPhone and Android smartphones.
LV= Driving uses the smartphone’s Global Positioning System (GPS) to track journeys and assess driving style, such as speed, acceleration and braking. The app offers the user feedback at the end of each journey so that they can see how well they have driven.
After the driver has completed 200 miles over the course of at least ten journeys, LV= Driving will show whether they qualify for a discount on their new online car insurance quote. Drivers are guaranteed £10 off just for participating and depending on their driving performance; they may qualify for an additional discount of up to 15%. For a young driver who would typically be quoted a premium of around £1,000, they could save up to £150 by using the app.
Key features of the LV= Driving app:
- Auto-start functionality – allows the user to drive without the need to manually record each journey.
- Push notifications – so ‘auto-start’ users may tell us if they weren’t the driver for a specific journey.
- Journey feedback – shows the route travelled and provides speed and smoothness ratings.
- Low battery usage – the app is optimised to use the least amount of battery possible. The app automatically stops recording when battery life is low.
- User guide – a step-by-step guide and video on how the app works.
Once the driver has completed the minimum driving required, they can either get an online quote and purchase a policy straightaway or at a later date. The app can be downloaded via the App Store or GooglePlay and LV= has created a video to demonstrate how the app works, but it’s worth noting that LV=’s Driving offer is not available on price comparison websites.
John O’Roarke, Managing Director of LV= car insurance said: “Good drivers are less likely to have an accident and that should be reflected through cheaper car insurance premiums.
“The LV= Driving app allows us to quickly assess driving ability and reward those who drive safely by offering them a discount. Even those who don’t qualify for a discount will still get feedback on their driving and enjoy £10 off their car insurance quote, so it is worth giving it a try.”
Discount terms and conditions
- To receive £10 off your new car insurance policy, you must have used the LV= Driving app to complete 200 miles over ten or more journeys and have registered your details in the app.
- We may, at our sole discretion, offer a further discount of up to 15% off your new car insurance policy depending on how you drive over 200 miles and ten or more journeys.
- This offer is for one new car insurance policy only and not for subsequent renewals and only you are entitled to use this discount for your car, you can’t pass it onto another person.
- Where you’re entitled to any other discount(s) (e.g. multi product discount), each discount will be applied individually.
- This discount will be valid for 12 months from the date of your confirmation email.
- LV= reserves the right to change the terms and conditions and to withdraw the offer at any time.