Do you know how much is the average car insurance cost? It can be as high as $2,000 per year. Some people may want to lower their rates by installing a dashcam in their vehicles.
A camera will record your drive and it can provide evidence when there is an accident or other dispute about who was at fault for the accident.
Your dashcam footage will help decrease the chance of a fraudulent claim, which should result in cheaper rates with your auto insurance company.
Why Insurance Companies Reduce Premium When Dashcam is Installed?
Insurance companies know that customers may be more willing to file a claim when they have video evidence backing them up. It can also help insurance agencies find the at-fault party in an accident, which will reduce their risk of having two clients who both want compensation for damages. If you are really interested in lowering your rates, ask your agent about installing a dashcam for your vehicle.
The number of accidents in the world is on the rise, and insurance companies are looking to prevent more claims from happening as part of their strategy to keep costs down. One way they can do this is by reducing premiums when customers install dashcams onto their vehicles.
Having video footage of an accident can certainly reduce a substantial amount of work from insurance companies end. They save about 5% expense here which they can spend to get more customers in the end by providing a lucrative discount in insurance premium.
Statistics show that insurance companies face around 10% fraudulent claims in a year. And with dashcam video footage, they can significantly reduce that number and provide the customer with a discount on their insurance premium.
So, What are the benefits associated with dashcam for the insurers?
- Insurance companies save time and money by providing evidence from dashcam videos.
- A video footage can help provide proof for an accident, which will reduce fraudulent claims (about 700% less).
- They get a chance to promote themselves as a trustworthy company with this one simple gesture.
It is observed that insurers are willing to reduce their cost by encouraging more customers to install dashcams in their vehicles and save on insurance premium payments.
For auto owners, it’s worth investing in a dashboard camera device to substantially reduce the premium they need to pay. Plus, they get extra security when they install a car camera.
Bottom Line
It is more practical for the insurance companies to give subsidies to customers for reducing fraudulent claims and reduce time spent on an insurance claim investigation.
So, this is a win-win for both the customers and the insurance companies. However, you need to make sure you are going with the right company as there are many fraudulent companies trying to grab customers and fly away with your money.
