One of Ireland's largest motor insurers is to offer substantial discounts to young drivers who agree to have a special speed tracking device installed in their cars.
AXA today announced the extension of Traksure, a road safety initiative piloted over the past two years.
The satellite-based system tracks speed based on the national and local speed limits, which have been electronically mapped.
The company said that both the take-up rate and the effectiveness of the device had "greatly exceeded expectations".
Young drivers using Traksure had a lower accident frequency for injury claims than non-Traksure users, it claimed.
AXA will now offer the system to drivers aged 17 years and above and says it will offer discounts of as much as 44 per cent to drivers who participate in the scheme.
For example, a 19-year-old provisional licence holder in Dublin driving a one litre car with Traksure installed will now pay €3,881 compared to the 'normal' rate €6,950, AXA said.
The reduced premiums will include the cost of the monitoring unit and all ongoing monitoring charges.
Customers using the device will also be able to trace their vehicle using the internet if it is stolen.
AXA said its system had already helped the Garda to locate and intercept a stolen vehicle and apprehend the culprits.