Ahead of today’s parliamentary debate on young drivers and the cost of car insurance, which is the result of a public petition calling for a cap on insurance for the under-25s, François-Xavier Boisseau, CEO of Ageas Insurance, comments:
“Ageas is pleased that MPs are debating this serious issue. Young drivers in the UK are far too likely to be killed or seriously injured on our roads and pose a significant danger to other road users. Increasing the uptake of telematics by the under 25s would help to encourage and incentivise them to drive more safety. If the Government removed Insurance Premium Tax for telematics products it could boost demand and is a clear, simple action that could be implemented quickly.
“MPs should also remember that young drivers will be hit hardest by the government’s deeply-flawed cut to the discount rate – some industry experts have predicted they face premium rises of up to a thousand pounds. We are waiting for a consultation and it is imperative we get a new system in place as quickly as possible if we are to limit the impact on customers facing dramatic rises in their insurance premiums.”