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The Association of British Insurers (ABI) has produced a pair of guides to telematics-based pay how you drive insurance.
The first guide is for those buying such policies and charts the benefits and what to expect, while the second is aimed at the insurance industry and covers best practice for implementing the schemes.
While the guide is aimed primarily at consumers, the telematics and insurance industries have hailed such schemes as potential cost-cutting measures for business customers.
Reacting to the news, telematics firm Cobra said the technology helped "not only the fleet manager's running costs but also the vehicles' residual values."
Managing director of Cobra Andrew Smith said: "These latest guides. will help bolster consumer and industry confidence in such technology.
"We're seeing more interest in telematics as drivers realise the technology can not only help reduce their motoring costs but also support them in the event of an accident by providing evidence of driving patterns up to the point of incident."
Kate Carr, head of fraud and specialist lines at the ABI, said: "Pay how you drive' policies have the potential to dramatically change the motor insurance market.
"They have been developed to recognise and reward good driving behaviour through lower motor insurance premiums, and to encourage safer driving generally."
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