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World First: Good Drivers Get Cheaper Car Finance via DriveScore
DriveScore, the free app which helps good drivers save money on their car insurance through telematics technology, has launched the world’s first car finance deals discounted for good drivers. The loans, provided by Zopa Bank, Admiral, AA Car Finance, and My Car Credit, offer discounts of £170* for a typical borrower with a good driving score.
DriveScore harnesses world-class technology through a partnership with Cambridge Mobile Telematics to give users a driving score, with a score of 750 or above (out of 1000) indicating good driving behaviour. DriveScore users can choose to share this score with DriveScore’s panel of insurers, to receive discounted motor insurance premiums based on how well they drive. Today’s launch extends those benefits of being a safer driver further, to include car finance as well.
DriveScore, part of The ClearScore Group, has been able to create these savings due to its unique relationship with sister brand ClearScore, the UK’s leading data-driven financial marketplace. DriveScore’s analysis across hundreds of thousands of users shows that good drivers were significantly less likely to be behind on repayments across credit cards, loans, and car finance**.
Three quarters of DriveScore users go on to achieve a ‘good’ score, with resources and tools available on the app to help users improve their score over time.
Andrew Hooks, Managing Director at DriveScore, said: “At a time when our users are actively searching for better deals to save money, we are bringing a completely new concept to market – namely that being a safer driver can save you money on your car finance as well as on your car insurance. This is about empowering people to leverage their personalised driving data to bring tangible financial benefits.
“Until recently, industry telematics technology has been focussed largely on the highest-risk young drivers – meaning most consumers have remained disengaged and neither insurers nor good drivers have truly felt the benefits. DriveScore is a unique proposition which aims to bring telematics into the mainstream by putting drivers in charge of their data.”
Three quarters of a million people have downloaded DriveScore, and more than two billion miles of driving has been logged by the app.
DriveScore offers a huge opportunity for insurers, and now lenders as well, enabling them to more accurately and competitively price quotes and therefore drive profitable new customer acquisition.
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