This post comes from Peggy Gusner at partner site Insurance.com.
Car insurance companies are slow to embrace new technology.
Insurers want proof that an item, whether it’s air bags, a collision-avoidance system or a dashboard camera, will help decrease crashes, or otherwise improve their bottom line, before they extend a discount to motorists for using it. Sometimes that takes a while.
Once the data show that a particular safety device will save car insurance companies money if used by its customers, they begin to roll out discounts.
This could give current and future dash cam owners in the U.S. hope: A few car insurance providers in the United Kingdom have recently started to offer customers a 10 to 15 percent discount if a dash cam is installed in their vehicles.
Dash cams start much less than $100. Most record hours of video in a continuous loop, with recent video replacing older footage, when the car is started. Fancier cameras can record even when the car is off – triggered by motion sensors – or come with GPS sensors that overlay the time, speed and location. Some offer two-way video of the road ahead and of the driver and passengers inside the car.
A dash camera car insurance discount is not yet offered in the U.S., so it can’t directly affect your premium, but there are advantages to placing one or more dashboard cameras in your vehicle. And some of the benefits indirectly affect your premium, which in turn helps keep your car insurance rates down.
While merely owning a dash cam may not lower your car insurance rates, the footage that the camera provides may prove invaluable in certain situations.
1. Have a record of your accident
Drivers often have completely different memories and descriptions of an accident. With video proof that you weren’t the driver responsible for a crash, you can avoid being found at fault by a car insurance company and receiving the higher auto insurance rates that go with that finding.
Your dash cam footage can also expedite your claim by preventing drawn-out discussions with insurance companies about who was at fault.