Tesco Bank has launched an insurance product for young drivers that comes with a black box which is installed in their cars and tracks behaviour behind the wheel.
According to research cited by Tesco Bank, 39% of 18 to 25 year olds have been in a collision since they started driving and 64% of parents worry about their children's' safety on the roads.
The firm says it new Tesco Bank Box Insurance will help tackle the dangers faced by young drivers by fitting their cars with a small device which uses telematics technology to measure their speed, braking, the time of day they are driving, distances covered, types of road taken, and breaks taken.
Drivers can then examine the data gathered via their own personal Web-portal while Tesco uses the information to help determine the renewal premium on the mileage-based policy.
In addition, an accident alert service automatically contacts a call centre with trained staff, whenever a significant impact is recorded. The box records the time and location of the collision and Tesco calls the policy holder to check if they are OK.
Joanne Marden, director, Road Safety Foundation, says: "Feedback about the driver's interaction with the road is hugely valuable in overall road safety. This is never more important than among young drivers, who are consistently over-represented in fatal and serious crashes."