First launched in May 2017, the scheme allows BIBA members to expand across the young driver market through telematics and car-sharing schemes aimed at 17-34-year-old full or provisional licence holders.
The renewal follows growth in the telematics market, as well as a rising demand for the product.
According to BIBA, research shows that telematics reached almost one million live policies in 2018, up from the 2,000 live policies recorded in 2009.
Mike Hallam, BIBA’s head of technical services, said: “This is a really tough market for brokers to compete in, so we are pleased to continue with this scheme that allows members to offer the benefits of telematics to their clients.
“In addition to competitive premiums, telematics can offer road safety advantages to young drivers too.”
Andy Martin, Marmalade broker and distribution director, said: “We’re delighted to see continued growth in the telematics sector, as we believe it is crucial to improving road safety further and helping young drivers develop safe driving habits that will stay with them for life.
“The stats reflect this as Marmalade drivers with a black box are 72% less likely to have an accident in their first six months of driving compared to the National Average.”
He added: “We’re continuing to innovate and, in May, were delighted to start using a cutting-edge smartphone and telematics tag solution for both of our black box policies, provided by Cambridge Mobile Telematics, a world leader in mobile telematics.
“The box is self-adhesive, so couldn’t be easier to fit, and the technology allows for more accurate measurement of driving and instant access to journey data via the smartphone app.”