Supplementary evidence submitted by Insure the Box as requested in the evidence session on Wednesday 7 October.
Our cancellation fees are:
Q113/Q114 – What proportion of young drivers who take up insurance with Insure the Box are retained after their first year to receive the 36% discount offered upon first renewal?
In 2019, 59% of customers after their first year were offered an average premium discount of 36% on renewal. These customers were considered as ‘the best drivers’, earning more than 60 monthly Bonus Miles. 68.2% of these customers accepted the renewal offer and were retained.