no-claims bonus

The insurer even allows renters to earn up to five years' no-claims bonus while driving someone else's car, providing they drive more than 30 days in a year, he says.

But as telematics goes mainstream, regulators are likely to impose standards to allow data to be transferred between insurers in the same way as a no-claims bonus can be today, he believes.

It also said consumers needed better information on no-claims bonus protection insurance.

No-claims bonus information will also have to be clearer, the regulator said.

Taught by his father to drive in the 1960s, Mr Bloom said he had accumulated a "40-year no-claims bonus".