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Kristine Graf | grafkristine

Black Boxes, Telemetrics and Car Insurance

Apr 7th 2015 at 11:23 PM

There are a few ways to save on your car insurance, and of course one of the biggest ways to save is to not have an accident or any claims on the policy.  Also, not to be the recipient of speeding fines and points on your licence.  Both these will aid in the saving of money on car insurance.

 

There are also a few other things one can do to save on your car insurance, and one of those ways uses some new technology that is out, and brings the high-tech world right inside your car.  It is called telemetrics or in simple terms, a “black box”.

 

What exactly is a black box and how does it work??

 

The box is a telemetric device that is fitted on the car that is to be insured.  The box then monitors the driving patterns of who is driving the car.  It can monitor speed, braking, how the driver corners and makes turns, and how far you drive (mileage).

 

It can also track the times of day you drive, so it can monitor if you drive more in the evening, mornings, rush hours when traffic is heavy, etc.

 

All this data or information is then shared with the insurance company who can base your car insurance premium on how well you drive.  As car insurance is so expensive for young and new drivers, having a black box fitted on their car is a way to save money as the premium is based on driving patterns and habits, and not the fact they are just a new driver.

 

While the use of black boxes and telemetrics is a good idea, and can bring about immediate savings,  as your insurance premiums can be reduced quickly, the opposite can occur as well.  If you are driving too fast or a bit erratic, your car insurance premium can be increased just as quickly.


One other downside is there may be an initial fee or cost involved in having the device fitted to the car.


Some insurers now as using smart phone technology to a new level.  The insurer has an application that you can download to your mobile phone.  Then using the application as you drive, the application monitors your driving habits and sends this data back to the insurer.

 

While it may on the surface seem to be a bit “Big Brotherish”, it is a way to save substantially on your car insurance.  And with car insurance becoming more and more expensive, anything we can do to reduce that expense helps.

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