Trakm8's eco-friendly insurance drives reduce fuel costs
Trakm8 has highlighted how connected insurance solutions can assist drivers in adopting eco-friendly driving habits, resulting in reduced fuel costs and potential savings on insurance premiums.
As the United Kingdom's Department for Transport reports a rise in motor vehicle traffic on the nation's roads by 2.2% from 2022 to 2023, reaching a total of 330.8 billion vehicle miles, the implementation of connected insurance could offer notable environmental benefits. A reduction of just 1% in total mileage could lead to approximately 3.3 billion fewer miles driven annually. This reduction could significantly decrease carbon dioxide emissions and air pollution levels.
Accordinng to Trakm8, connected insurance solutions utilise advanced telematics technology to monitor driving behaviours, including speeding and harsh braking. These systems provide drivers with feedback and insights, enabling them to pinpoint areas for improvement.
Trakm8 has developed a driver app that facilitates the monitoring and enhancement of driving habits through an intuitive interface. The app presents driving scores and detailed feedback, promoting practices such as smooth acceleration and deceleration and maintaining consistent speeds. Such habits not only enhance safety and reduce the risk of accidents but can also lead to significant cost savings. Data from Trakm8 indicates that its driver behaviour solutions can reduce fuel costs by up to 10%, which is noteworthy considering that drivers typically spend more than GBP £1,000 annually on fuel, based on recent UK government statistics.
Many drivers are increasingly opting for Pay-As-You-Drive (PAYD) and Usage-Based Insurance (UBI) policies to more effectively manage their insurance expenses, Trakm8 says. The company's telematics solution simplifies the implementation of these policies for insurers while also empowering drivers to monitor their mileage and environmental impact.
By maintaining low mileage, drivers can save on premiums, which also contributes to reduced vehicle usage. According to Trakm8, this decrease in road traffic results in lower fuel consumption and emissions, benefiting both drivers and the environment.
Trakm8's advanced interface provides insurers with a straightforward method of viewing and managing driving data, enabling them to tailor policies and offer rewards for safe and eco-friendly driving behaviours, the company says. Meanwhile, policy holders will benefit from a user-friendly experience that assists them in making informed, sustainable choices regarding their driving habits.
Trakm8 says the continuous adoption of connected insurance solutions is anticipated to reveal more substantial environmental advantages. By encouraging responsible driving and incentivising reduced mileage, these policies play a role in lowering fuel consumption and emissions significantly.
