There seldom seems to be much said about any auto insurance news, but there are some interesting developments in the industry which are worth knowing.
From reducing crashes to lowering the price of insurance premiums, the insurance industry is coming up with some innovative ideas which could help all owners and drivers. Below are some highlights of what is going on in this progressive area of insurance.
One company is developing a means of reducing claims and lower premiums with a system like GPS that is being called ‘telematics’. It is designed to connect to the motor of the vehicle and monitor a drivers every move. It will continually update the software with a wide variety of information about the vehicle to a company who is monitoring the situation with software.
The telematics technology will know if a fan belt is loose or if the driver takes a corner too quickly and monitor other engine functions. In addition to that, it will know the exact location of the vehicle and if there is too much pressure applied to the brakes.
A wireless solutions firm is developing a system called DataLogger which is self-installed and provides plug-n-play monitoring which relies on wireless technology to remotely monitor a vehicles performance, the location, and the behavior of the driver. This could offer new insights into how insurance companies calculate automobile premiums and be able to reduce the monthly expense.
One insurance company has announced offering a 15% discount to their policy holders for having installed these new system monitoring devices and have made the offer quite attractive. By implementing some other money saving ideas, a person could add that 15% to the additional savings and greatly reduce their auto insurance premium by as much as half.
Another issue concerning insurance premiums is the fact that too many people are less than honest about such things as their annual mileage. In addition, they lie about where the car is parked and who is driving it the most. Not only could this result in the company refusing to pay the claim, but in some areas it can also mean losing your license and a possible fine.
Electronic technology and the use of wireless communications are causing quite a stir in auto insurance news. With some of the inventions and applications that are going to be introduced into the mainstream, it would be a good idea to keep advised of what is coming to the market and how to install the devices so you can lower your premiums.