Do you know that you can gain monetary rewards for your excellent driving skills? Check out the benefits of the revolutionary Car Insurance Monitoring Device and enjoy lowered premiums on your vehicle insurance.
It’s the Era of Smart Devices. From Smartphones to smart homes, every device is turning intelligent. And, the auto insurance industry has joined the bandwagon by offering customers great savings when they adopt smart technology for their vehicles.
Several leading technology firms are offering a smart vehicle insurance tracking device for your car and two-wheelers. These devices are connected to your Smartphone and record your driving habits. The benefit of these devices is that your vehicle insurance premium is then based on your driving records. Meaning you enjoy lower premium when you drive safely or end up having to pay a hefty fee, if you’re reckless.
Doesn’t that sound like the best way to enjoy rewards for practising good driving? Let’s take a closer look at how this benefits you.
Have you come across the term Usage-Based Insurance?
If no, let’s explain it. Simply put, it means that “Your Premium is based on how you drive.” Yes, that means you can enjoy lowered Car Insurance premiums if you’re a good driver who follows all the rules and regulations.
How does this work?
Your insurance company will attach a tracking device to the OBD-II port of your vehicle. The device is then synced to your Smartphone, and the telematics device collects your data and sends it to an app, which collates it and presents you with a summative report of your driving behaviour.
Based on this report, you enjoy low premiums for being a safe driver!!
Does that mean, “Will my premium shoot up, if my driving skills are less than exemplary?”
Thankfully, No! According to the usage-based insurance, your premiums are likely only to go down and not up. The initial premium you pay for your car or two wheeler insurance is the maximum you’ll ever spend.
You will not be penalised for your risky driving. So, no worries on that front.
How does the Telematics Device Work?
Different insurance companies use various factors to track and monitor your driving skills. However, some of the common elements that are monitored include:
- Vehicle Usage Frequency – How often you drive your car or ride your bike?
- Braking Style – Do you slam hard on your brakes or do you apply them gracefully?
- Acceleration Rates – Do you accelerate quickly or slowly after you come to a stop?
Other factors include your overall speed and the time of day when you’re driving the vehicle.
Will the Car Insurance Monitoring Device breach of Privacy?
No. Most insurance companies that collect your data agree to a confidentiality statement. This means they don’t disclose the details to third-parties, until and unless there’s a legal requirement to do so.
Where to get this device for your vehicle?
Currently, not all insurance companies offer the telematics device for their consumers. Check out online for a list of companies that have this smart device or check with your insurance agent to find out whether it’s available at your Motor insurance firm.
The last word, is the device worth it?
100% Yes! Why end up not availing the discounted premium on your excellent driving skills? Also, there is no negative effect because of the device. The worst that can happen is that it will serve as an eye-opener to your lousy driving and help you polish your behind-the-wheel skills.
What more is that you can opt out of it anytime if you aren’t convinced. Give it a try and let’s all pledge to make the roads safer for everyone.