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Camera Could Slash Car Insurance Premiums

Camera Could Slash Car Insurance Premiums Image

While taking out an extended auto warranty can be a surprisingly affordable endeavour these days, the same cannot be said for the price of car insurance, with premiums having apparently risen by as much as 12% year on year.  A large amount of the blame for the rise is said to be the increase in fraudulent personal injury claims, but a new initiative could help to put an end to fraud and slash the cost of insurance premiums by as much as 35%.

One young driver, Max Curtis-Donnelly, has saved more than 20% on his insurance premium by agreeing to have a camera installed in his vehicle that records and keeps data about all the car journeys made by the driver, footage that can then be used to show the way the car was being driven in the event of an accident.  This is something that will make it much easier for insurers to establish liability quickly as well as reduce claims cost, which in turn drives down the cost of insurance premiums for motorists.  London-based intermediary Allen and Allen advised Curtis-Donnelly on the scheme, with company spokesman Steve McPherson noting that "The use of the camera helped us secure Max's renewal business.  I anticipate that the insurance market is going to change dramatically following the introduction of this technology."  

"Insurance fraud is now becoming a major issue in the UK" says Len Hope from the mycamerawitness website.  "The camera will help protect drivers against fraudsters and the millions that they cost legal drivers each year."

Author - Michael Barclay

Insurance  31/10/2011 14:00:01

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