A British insurer has started to offer customers the ability to cut the price of their policy by 10% if they agree to have a camera installed in their car. This could mean an average initial saving of around (USD $)33 a year according to Swiftcover.com. This doesn’t include the savings that are possible if the camera that is installed helps prove that the driver was not responsible for a crash.
These dashboard cameras have already been used widely for a few years internationally and are starting to find increasing popularity throughout the UAE. Drivers can use the footage to prove that in the event of a collision, they were not the ones at fault. Footage from the dashboard cameras is also passed onto the police to help convict any dangerous drivers that have been witnessed driving recklessly by those with cameras.
Insurers believe that the installation of these dash cams, will allow them to quickly ascertain who is at fault in the event of a collision. This will in turn save money and significantly benefit drivers through lower premiums while also influencing more responsible driving.
Younger drivers will be the ones who benefit the most from the discount, a 20 year old student possibly saving (USD $)94.29 according to Swiftcover.com. A 67 year old female retiree could save as much as (USD $)18.69, with the average saving coming in approximately at (USD $)33. However, the driver will also be forced to purchase the dash cam themselves, which can cost between (USD $)20 and (USD $)300. If a camera does prove that driver isn’t at fault after a collision, they could potentially save hundreds by protecting their no-claims bonus and excess penalty. They could also avoid any punitive increases in the following year’s premium.
It’s hoped that these dash cams will help fight the current fraud trend that is pervading the motor insurance industry. Some people organise crash for cash accidents that provide the drivers with money earned fraudulently after purposely causing a crash, before then claiming for a whiplash injury. What started as people breaking suddenly so that the car behind would hit them has now morphed into people flashing their lights to allow another car out at a junction, before then driving into the car to cause a crash.
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