Why Dash Cams Matter to Insurers
Auto insurance isn’t just a necessary evil—it’s a must-have that can sometimes cost more than we’d like. However, during economic downturns or when inflation hits, every little saving counts. People start to look for car insurance discounts or to change insurance policies to save on their private vehicles and the vehicles they use in their fleets. Dash cams can provide real-time video evidence of what happens on the road, making them incredibly valuable for car insurance companies, which is why most (if not all insurers) offer dash cam insurance discounts. With a dash cam record of everything that happens to a vehicle, insurers see you as a lower risk since you can provide evidence in case of car accidents, vandalism, and hit-and-runs, which can help speed up claims processes and prevent insurance fraud.
The Economic Angle
When the economy’s down or inflation’s up, everyone’s looking to pinch pennies. Dash cams can be your best friend by helping keep your insurance rates in check and offering proof that you are a good driver. According to the Insurance Information Institute, vehicles equipped with safety features like dashboard cameras are often eligible for discounts on insurance premiums. This can mean savings of up to 10-15%, depending on the insurer and the specifics of your policy, offering you peace of mind.
How Dash Cameras Save You Money
Businesses using dash cams have reported up to a 20% reduction in at-fault accidents. Fewer accidents mean fewer claims and almost no fraudulent claims, which insurers love because it saves their companies money in the long run. According to the Fleet Safety Institute, when insurers save money, you save money on premiums. This kind of data comes from detailed studies conducted by organizations like Fleet Safety Institute.
Teaming Up Dash Cams with Telematics
Combining dash cams with telematics takes savings to a whole new level. Telematics systems like those offered by GPS Insight track everything from how fast a vehicle is going to how suddenly it stops. This means good drivers get a good driver discount. When you add video footage to this data, you get a gold mine of information that can lead to even more significant discounts from insurance companies. For instance, integrating dash cam footage with telematics data like GPS tracking has helped some fleets cut their insurance costs by as much as 30% annually.
Stay Proactive and Keep Saving
It’s not just about installing a dash cam and forgetting about it, however. Staying proactive by regularly reviewing your footage and using it to improve driving habits can lead to ongoing savings. As the technology for dash cameras evolve, the insurance industry evolves as well, making it easier to save and give motorists safer driving experiences. It’s also helpful to check with your insurance provider to understand how best to qualify for discounts with your dash cam data.
If you’re looking to trim down those insurance bills, consider getting a dash cam. It’s an investment that pays off by not only protecting you on the road but also lightening the load on your wallet. If you’re looking to make it easier to save on your hard earned money for you fleet vehicles, then book a demo to see how you can start saving using telematics data. There’s a reason our customers have saved over $500M in accident liability while leveraging our safety platform.