drive system really helping slash motor insurance costs
Insurers have hailed 'black box' technology, where drivers are underwritten based on their specific driving habits, as one potential solution to soaring premiums and the first examples of this cover are now available. But will it really save you money?
Telematics technology, which is a black box fitted into a car to mark a drivers performance, is growing in popularity.
The data the box records is used to create a driver rating, from one (dangerous) to five (safe). Premiums are reviewed every 90 days in line with the rating.
Insurethebox: The insurance firm says that 'blackbox' technology is helping drive down premiums
Those who score a four or five are rewarded with cheaper cover, saving potentially Abercrombie And Fitch Australia Careers 15 per cent on premiums. Those who consistently drive on the edge and score one or two will see premiums rise. The worst scorers may pay an extra 20 per cent.
The box records overall driving performance, looking at various driver traits, such as speed,
acceleration and cornering. For example, if you went 50mph in a 30mph
zone, you'd lose points.
But is Buy Mont Blanc Pen Australia black box insurance actually rewarding the motorists who use it?
Yes, according to one insurance firm that Air Jordan 13 He Got Game specialises in the use of telematics. It says two thirds of its customers are getting reductions, some as much as 800, when they come to renew their cover.
That while conventional car insurance prices rose 30 to 40 per cent in the past year.
However, those who think their premiums are going to fall overnight are mistaken. Most black box insurers say that at the beginning, premiums will be exactly the same as conventional car insurance.
If you have no claims, your car insurance costs will fall in the following years. But with the black box, if you drive safely, your car insurance costs should fall much more quickly according to experts, than if you had a conventional car insurance policy.
Insurethebox has released its first renewal statistics since going live last summer and has found that two thirds of policyholders who received renewal notices in July and August were offered cuts in their insurance premiums compared to last year.
The average renewal saving during July and August came to 22 per cent of customer's previous year's premium.
But on the flipside, some policyholders who had not driven so carefully Discount Ray Ban Eyeglasses with a box fitted in their car saw their renewal premiums rise accordingly.
The firm says that the figures represent the first test of a key principle behind telematics that by Oakley Stores Australia encouraging careful driving it helps people to become better insurance risks.
Insurethebox policyholders buy an initial 6,000 miles of cover. A 'clearbox' is then installed behind the dashboard and monitors motorists driving and assesses their performance by five different criteria.
Good drivers receive up to 100 bonus miles per month and each policyholder Mont Blanc Ballpoint Pen Price can monitor their progress online, with the idea Cheap Beats By Dre Fake to help improve a motorists driving.
'I SAVED 700 WITH TELEMATICS'
Chris McMahon, 18, from
Buckinghamshire saved about 700 on renewal.
He chose insurethebox last
year after receiving a competitive quote.
He said: 'I now go to the portal one or two times a Air Jordan 13 Retro week to check my average mileage and speeds and the routes I have done.
'Having been with insurethebox for over a year I have felt the benefits of safer motoring where it matters in the wallet.'
Mike Brockman, CEO of insurethebox, said: 'Most of our policyholders have risen to the challenge of telematics and are making a big effort to drive safely, and those who do so are finding that their insurance is getting cheaper.
'Our experience has absolutely justified our confidence in the concept. There are, of course, many other benefits to society such as safer roads and lower CO2 emissions as people drive more sensibly.'
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