The Co-operative gives young drivers the chance to insure their car for free

October 03, 2011

With more than 2,000 drivers passing their test on average each day*, The Co-operative Insurance is giving all young drivers another chance to celebrate with the opportunity to get one year’s insurance for free.

To mark the launch of a new Facebook page for The Co-operative Insurance, drivers can share their story of what passing their test means to them via The Big Test application on the page. Entrants will be in with a chance of winning one years free car insurance or one of the Garmin Sat Navs up for grabs each week.

The competition is open to drivers who have just passed their test, those who are yet to get their drivers licence and people who have been on the road for a while. Entrants just need to upload either a photo or video describing how they celebrated, or plan to celebrate passing their test. The most popular entry** each week will be rewarded with a Sat Nav, worth £100. The winner of the overall competition*** will receive one year’s free Young Driver Insurance from The Co-operative, potentially saving them thousands of pounds.

Young Driver Insurance from The Co-operative comes with a Smartbox that allows drivers between the age of 17 and 24 to cut the cost of their insurance through safer driving.

“Passing your test is always a memorable occasion but getting on the road for the first time comes with lots of responsibility and cost,” said Grant Mitchell, Head of Motor Insurance at The Co-operative Insurance.

“Our recent research found that it costs on average £4,459 to get on the road and insurance makes up a large proportion of this amount****. We’ve already introduced our Young Driver Insurance to help young people cut high premiums but now drivers have the chance to get completely free cover for a year, just by getting creative on our Facebook page.”

The Facebook application also features driving tips to help drivers pass their test first time and funny driving stories, including the South London woman who has failed her driving theory test 91 times.

To enter the competition and see the tips please visit: http://apps.facebook.com/coopbigtest/

 

Notes to Editors

*According to pass rates data figures from the Department for Transport -http://bit.ly/nepTql
**Based on Facebook votes
***Competition closes on November 17, 2011
****According to Research carried out by onepoll.com, with a population of over 3,000 respondents. Costs calculated as follows:

£1,450 - Vauxhall Corsa is most common car for 17-25 year olds, according to data from The Co-operative Young Driver insurance. Cost based on average price of used Vauxhall Corsa on Autotrader.co.uk

£2,294 - average premium for 17 – 22 year olds sourced from AA British Insurance Premiums Index, 28 July 2011

£50 - Cost of theory test (available at www.direct.gov)

£480 - Based on average of 20 lessons x £24 per lesson (cost per average lesson, available at www.aa.com/driving-school)

£124 - Cost of driving test (available at www.direct.gov) x 2 – the average amount of times to pass driving test

£31 - Cost of theory test available at www.direct.gov

£30 - Vauxhall Corsa road tax price (available at http://www.roadtaxprices.co.uk)

About The Co-operative Banking Group

The Co-operative Banking Group, formerly known as The Co-operative Financial Services, is the banking and insurance arm of The Co-operative Group, which is the world’s largest consumer co-operative with around six million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.

Following the merger with Britannia on 1 August 2009, the organisation is one of the largest and most highly diversified mutual businesses operating in both retail and corporate banking markets.

As part of The Co-operative Group, the business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The Co-operative Banking Group has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and major presences in Manchester, Leek, London, Plymouth, Skelmersdale and Stockport.

It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.