We are forever bombarded with the notices to look after our personal information, be careful online, make sure that we are safe from hackers. Yet there are also advertisements from companies who say that you could save money by sharing some of your personal information. These come in the form of car tracking devices from insurance providers. We ask are they worth the (potential) risks, and how might they affect your insurance?
What are the trackers?
Known in the motor trade industry as telematics devices, these trackers monitor your driving habits and relay that information remotely back to your insurance company. But how? Well, once installed in your vehicle, the trackers hook into the onboard computers – which all cars built since the mid-1990s have – and capture and store data. The data is sent back via Bluetooth.
This data consists of information such as when your car was driven, how fast and for how long, and all instances of hard braking. Hard or automatic emergency braking is of special interest to insurers as it suggests that the driver was not paying attention, and so, therefore, is at higher risk of being involved in a road traffic incident.
How does this affect my insurance?
Put simply, if the insurers deem that you are driving safely, then your premiums, based on the data, should go down. Some insurers offer a discount by simply opting to have the tracker installed, but with more companies including trackers in their policies, the technology might well become compulsory.
With any technology that can access personal data, as some of the trackers record your location, you should make sure that they are secure. Be sure what the data is that is being collected, and precisely how it is being used. If you want to find out more about car tracking and motor trade insurance, check your policy, or ask a company like Quotemetoday and make sure that the insurer is not sharing any of your information.
As technology moves forward, there are going to be concerns regarding privacy and the question of whether it actually saves you money. These trackers, in the long run, seem to be a good idea for keeping premiums down. Just check with your policy before you install one in your car.