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Using Technology to Lower Your Auto Insurance RatesBy Floyd Arthur
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Many insurance companies across the United States are
offering customers an
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interesting deal: Lower your auto insurance rates by
allowing your insurer to install a
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tracking device in your car. Using the science of telematics,
which combines wireless
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technologies with sophisticated computer algorithms, the
devices monitor mileage and
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driver behaviors, such as the times of day a person drives, his speed,
and how often he
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slams on the brakes. For drivers who meet certain
criteria, the device can mean
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significantly lower
auto insurance rates.
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Auto Insurance Rates
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An array of tracking devices are being offered by various insurers.
Progressive’s gadget,
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called Snapshot, tracks mileage, driving times and braking
behavior. The device costs
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the company about $100, but Progressive provides it to drivers
free of charge. According
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to Progressive, about 70 percent of customers who
use it qualify for some kind of
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discount--typically about $150 per year. The company says that
it will not use the data it
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obtains to increase a customer’s rates.
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Allstate offers a more sophisticated device, which tracks not only
mileage and driving
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times but also detects when the car exceeds 80 miles per hour, while State Farm goes
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one step further and uses GPS to track where the car is garaged.
Newer devices use a
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smartphone app to do the tracking without installing
anything at all. In the United
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Kingdom, where about 20 percent of all auto insurance
policies are telematics-based, an
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app called Marmalade is already available for families with teens
who are learning to drive.
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Sacrificing Privacy for Lower
Auto Insurance Rates?
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According to the insurance industry, customers who install tracking devices in their cars
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have nothing to lose and everything to gain. In fact, they claim, installing a device gives
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a driver with limited experience or a less-than-perfect driving record a
way to prove to
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his insurer that his driving habits are sound. As smartphone
applications become the norm,
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instant feedback may also help drivers with bad habits to correct
risky behaviors as they occur.
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Nevertheless, digital privacy advocates say the tracking
technology has the to potential
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to intrude on individual privacy in as yet unknown ways, such as listening to
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conversations and monitoring where a driver goes. Further,
they say, there is no
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guarantee that the insurance industry will not use the
information it gathers to increase
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rather than decrease
a driver’s rates.
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Nor are the majority of U.S.consumers excited about
telematics-based insurance--at
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least not yet. According to a 2014 survey of a representative
sample of 2,200 U.S. drivers
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conducted by Deloitte, about 50 percent of Americans are not interested in trying such a
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device. Of those who said they would consider it, only about 25 percent said they would do so
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unequivocally. The other 25 percent said it would depend on the size of
the discount they received.
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Is Telematics-Based Insurance the Wave of the
Future?
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According to a number of insurance industry experts,
telematics-based insurance is here
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to stay. In fact, says Deloitte, consumers who choose to
opt-out of such programs may
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one day find themselves assigned to a “special risk” category of
drivers who pay higher
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premiums simply because they do not allow themselves to be tracked. “The genie is out
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of the bottle,” the consulting firm said in its report. “The industry as
a whole is not likely
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to go back to relying only on its traditional methods of
assessing auto risks.”
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Whether you are thinking about telematics-based insurance or are
satisfied with the
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status-quo, it’s always a good time to shop for lower auto
insurance rates. Our
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experienced agents are available to help you select the coverage
you need at a price point
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that’s right for you. Just call our office at 516-292-2780
any weekday between 9 a.m.
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and 6 p.m. to schedule an
appointment, or request a free consultation online