Tesco Bank aims to bring down cost of motoring for better drivers
21 October 2015
Tesco Bank is aiming to bring down the cost of motoring for better drivers by launching a new app - Tesco Drive + Reward. The app utilises the technology within smart phones to allow customers to share their driving information with Tesco Bank. After they have driven for 250 miles, good drivers could be offered a discount on their car insurance of up to 20%. Furthermore, the app provides customers with instant feedback and tips to help them improve their driving.
Tesco Bank already offers telematics insurance for younger drivers which uses GPS technology through a black box installed in their car. Tesco Bank Box Insurance launched in 2013 and has helped more than 70,000 customers reduce their motoring costs. The Tesco Drive + Reward app uses similar technology to offer all customers the opportunity to earn a discount on the cost of their insurance.
Karl Bedlow, Managing Director of Tesco Bank Insurance said,
"In the last two years we’ve been able to use telematics technology to build a much more accurate picture of how customers are driving. This has let us help tens of thousands of customers save money on their car insurance. We are delighted to make this technology available to everyone and we hope that Tesco Drive + Reward will help even more customers save money."
Three quarters of customers who use the app and buy Tesco Car Insurance will receive a discount, and at least 10% of over 25s will receive the full 20% discount. Customers will never pay a higher premium as a result of using the app. The information collected by the app will only be used positively i.e. to generate a discount on their insurance if they drive well.
The discount is only available on new policies underwritten by Tesco Underwriting Limited, and does not apply to add-ons or Box Insurance. A minimum premium applies. The number of customers expected to receive a discount is based on current customers who arrange their car insurance through Tesco Bank and the results of internal user-testing.
For more information on the Tesco Drive + Reward app, please visit http://www.tescobank.com/car-insurance/drive-reward-app.html
For more information and media enquiries please contact:
Tesco Bank press office
+44 (0) 131 274 3630
Notes to Editors:
The app has been developed by Tesco Bank and will be used in conjunction with Tesco Underwriting.
Tesco Bank Car Insurance is arranged and administered by Tesco Bank and underwritten by a select range of insurers. Tesco Bank Box Insurance is arranged and administered by Insure The Box Limited and is underwritten by Aioi Nissay Dowa Insurance Company of Europe Limited. If Tesco Underwriting doesn’t provide the cheapest price with the discount included, the customer will receive the cheapest price from our list of underwriters.
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ