New Car Insurance Provider Launched in UK

Yesterday, on December 7th, the launch of a new insurance company for young drivers was announced. The INGENIE company was founded by Gary Lineker, former UK football player, Steve Broughton, former managing director of the RSA Insurance Group and Sir Martin Broughton, Chairman of British Airways.

They say that young British drivers are almost priced off the UK insurance market as many insurers charge them an annual premium of almost £2,500.

INGENIE says that, unlike other insurers, that apply the collective risk assumption method, they will use advanced telematics technology and, thus, treat safe drivers and punish risky ones.

Commenting on the launch of the new company, Richard King, co-founder, said: "It’s about time young drivers had a chance at getting reasonably priced insurance instead of being excluded from the road by often inaccurate and unfair assumptions about their driving style. By rewarding young people for better driving, we can generate a community of safer drivers for the future and build a truly scalable business at the same time."

INGENIE will be marketed via Facebook. Twitter, YouTube and similar websites.