Tesco Bank has introduced a new "pay-as-you drive" motor insurance policy for 17-25 year olds. Its new "Tesco Bank Box Insurance" policy uses telematics technology fitted into the car and which enables key behaviours to be monitored and assessed.
The new policy is administered by Insure the Box, which has already sold over 200,000 policies, and is underwritten by Catlin and Great Lakes Reinsurance.
The use of telematics is growing rapidly but this is one of the first "affinity branded" partnerships in this market. Interestingly, Tesco Bank has chosen to partner with Insure the Box, rather than with its joint venture insurer partner Ageas, which also backs Ingenie; another significant telematics player in the young-driver market.