The rise of technology has finally hit the insurance industry.
After finally getting onto the internet from, the notoriously slow adopters are finally incorporating technology to better judge how well or how safe a driver is. There are now a range of optional technology you can opt to install into your vehicle so that insurance companies can get more information on any accidents that happen.
Insurance companies are finally acknowledging how effective dashcams can be at accurately determining who’s fault an accident is. With these cameras, insurance companies can get a clearer view of what happened and the extent of the damage done.
The result is that car insurance fraud should be greatly reduced and you can also see whether the cars involved were speeding, driving through a red light etc.
Dashcams are relatively inexpensive, and is definitely a good idea to have them installed in your own cars.
A lot of crashes happen when there are no witnesses, or where there are witnesses but they are unable to testify. In these circumstances, the only thing insurance companies have to work on is your statement against his. A decision will be made without all the facts, and therefore can be fairly inaccurate with false positives or false negatives resulting from the decision.
With a dashcam installed, the insurance company should lower your premiums by a bit. Depending on how much it reduces the risk of you having an accident, they would lower it by that amount.
Telematics Speed Sensors (Blackbox)
Insurance companies have recently introduced a new device that drivers can opt to install in their cars.
This device basically tracks the cars speed when activated. A whole load of stats can then be relayed back to the insurance company such as stopping time, average speed, average distance and total distance. All of these things can be used by the insurance company to determine whether you are a safe driver or not.
If you are a safe driver, then you should definitely opt in to one of these programs.
If they see you drive safe, then your premiums can be lowered by a significant amount. However if you are caught speeding or they see that you drive dangerously then you might see your premiums sky rocket. For this reason, if you’ve been told that you drive too fast, or you drive dangerously don’t risk opting into one of these programs as it may be counter intuitive.
Another benefit of this is that in the event of a crash, the data inside this can be used to determine who’s fault the collision was. If one person says the other was speeding during the time of collision, and the black box says otherwise, then it could help the guy get a successful claim.
It’s good to see insurance companies taking a step in the right direction in terms of using technology to categorize good and bad drivers.
What we’d like to see is insurance companies continuing down this path and adding more devices into vehicles to get a better overview of the driver.
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