AXA has launched its “DriveSave” programme, a first in the Irish market, which is designed to improve road safety and reduce motor insurance premiums for drivers.
DriveSave uses a combination of telematics: GPS satellite technology and mobile phone technology to record a car’s location and speed. This is linked to a mapping database by Nav Tech that covers all roads and speed limits in the Ireland. This is run in conjunction with MyDrive Solutions.
The pilot will be aimed initially at young drivers aged between 17 and 24 years, who are looking for a policy in their own name or as a named driver on a parent’s policy. Drivers who decide to be part of the pilot will be rewarded with an extra 20% discount off AXA’s insurance rates instantly. In addition a further cash back of up to 10% of premium will be refunded to customers during the year, if their driving is better than a performance target in the Drivesave scoring system.
Drivers who sign up for this initial pilot scheme will have special equipment fitted free of charge to their cars that will monitor and report their overall driving style, anticipation, driving speeds, distance, cornering and stopping force. Drivers will also have access to their own individual password protected portal on the web so they can monitor exactly how they are doing and what scores they are achieving and how they can improve their driving.
Benefits of the DriveSave product:
• An initial 20% discount
• Further 10% discount given for good driving behaviour scores
• Free DriveSave Unit
• Free Installation
• Personal portal website to monitor driving
• Reduced premium rates for young drivers
Paul Moloney, Head of Corporate Affairs at AXA, stated “Primarily, this is a road safety initiative which as a consequence reduces the cost of insurance for young drivers”,
“Realistically, the only way to reduce insurance premiums is to reduce the number of accidents and the consequent cost of claims. It’s a proven fact that speed is a major factor in road accidents and if young drivers are prepared to show a commitment to careful driving within the speed limits, then we at AXA are prepared to offer those drivers lower premiums”.
Paul Moloney pointed out that no matter how much a young driver pays for insurance nothing can undo the physical, emotional, financial damage to drivers, passengers and their families caused by a serious road accident.
Paul Moloney went on to say “The only cure is prevention”, he said, “In addition, this pilot enables AXA to recognise and support young drivers who drive safely”.