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Motorists could see insurance premiums drop by up to £15

Date: 10/01/2014 11:27:39
Category: Insurance
Author: Laura Varley

Drivers could soon look at saving up to £15 a year, as car insurers will have access to much more accurate information, allowing honest drivers to benefit.

According to bbc.co.uk, a new system that will soon be launched by the Driver and Vehicle Licensing Agency (DVLA) will allow insurers to find information about a driver by searching for their licence plate in an online database. Currently, insurers do not have access to such information and therefore have to factor in possible risks into the price of a premium.

Francis Maude, the minister for the Cabinet Office, who is in charge of the digital changeover, explained that prices would be more accurate as a result.

"What they are doing is they are pricing in a risk premium, the risk that you may or someone else may have made a mistake on their points," he said. "Because they will not have to take anything on trust, when people say what their endorsements are on their licences you can check it so you can price much more accurately - so you can reduce the cost of insurance for most people, " reports telegraph.co.uk.

To ensure that drivers don't accidentally claim incorrectly, they will also be able to access the service from March. They can find out how many points are on their licence by typing in their licence number, national insurance number and postcode.

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