Insurance

Published on May 18th, 2014 | by neil

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The Little Black Box: Can It Really Help Lower My Car Insurance?

You hear a lot of drivers, young ones especially, complain about how unfair the cost to ensure a vehicle is.

On top of that, you hear a lot of worry surrounding the price of cars, and the availability of the right car. Put your mind to rest and follow the car dealers for updates on the go, like big motoring world’s twitter account for example.

It’s sometimes a pivotal factor in young drivers’ chances in being able to drive their own car.

But the stats, unfortunately, don’t lie. One in five young drivers have an accident within their first 12 months of being on the road, so insurance premiums have to sky-rocket.

Many people hunt for ways to reduce this cost, and the government has stepped in to make people aware of the best way to do it.

The little black box

Facts

  • The technology was first introduced in 2008 and has exploded in popularity since.

  • Known technically as telematics, black box can save younger drivers on average £212, or 14.2% for premiums, according to comparison website moneysupermarket.com.

  • In some cases, drivers in the 17-19 age bracket also stand more of a chance of saving up to £500 on their insurance if they meet the standards of the policy. One risk could be the fact that it might end in you paying out more if you don’t end up meeting the policy.

  • It measures your car activity. This includes the time of day motorists use their car, how they accelerate and brake as well as monitoring what types of roads used.

  • It knows if you’ve fasten your seatbelt or not

  • A video version of black box is available for those interested

  • Insurers will provide you with policy quotes if they feel you can save money with the device.

  • If you’re aged 17-19 then you’re most likely to be offered the technology as insures companies see younger drivers as a bigger risk to accidents.

  • The data used in car black boxes has already been proved vital. In 2006, a 19-year-old man was convicted of speeding offences based on the data recorded in his car’s black box.

Since its arrival in 2008, the British Insurers Brokers’ Association (Biba) says sales of motor insurance which use the black box technology have increased fivefold over the past two years.

It’s no myth that insurance costs will drop if you adopt this new technology into your car.

But with every new piece of technology, there is some skepticism.

Critics argue that they actually cost too much, and on top of that civil liberty campaigners have shown their worry about the potential invasion of privacy, or data incriminating drivers.  

But like most new technology in this world, there are positives and negatives.

But, I think this piece of technology is absolutely revolutionary for the younger driver. Not only does it save you some money, it encourages you to drive safely and acts as a witness in times where there are none, and gives more people to do something with their licence to drive.

If you were to ever get into an accident that you know wasn’t your fault, a black box could save you the time and hassle by giving the police and insurance companies a data-based reconstruction of events.

This applies to more of a rural collision or negligent bump and scrape, but accidents can strike at any time whilst driving, and all round, I think this piece of car-tech is one of the best inventions yet.

The positives most certainly outweigh the negatives.

bbx

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