A new motor insurance to try and create greater risk management.
Recently insurance companies are always have come up with a few methods of lowering risks in motor insurance whilst trying to give customers a better, more accurate premium based on the risk they present.
Having black-box devices installed into vehicles has been a very popular option to try and lower insurance premiums by recording patterns of speed, breaking and so on.
However, a more recent idea that is hitting the insurance industry to improve risk management further is having a crash camera fitted into the insured’s dashboard to prove claims resulting from any crashes.
A number of insurance companies are offering premium discounts if customers are willing to participate in this, notwithstanding currently, the insured has to purchase these cameras themselves which can be anywhere from 20 pounds to a few hundred.
This new insurance product is likely to affect a younger driver’s premiums more as the discount will have a greater impact on higher premiums.
This new system could also help reduce the number of fraudulent claims within the insurance industry which should also see lowered premiums in the long run.