HISTORICALLY, insurance is often expensive, but new technological developments have seen it drop substantially.
With the digital age growing, it’s not surprising that insurance has decreased because there are a lot more theft prevention measures.
With the likes of black boxes, video cameras and alarms, insurance has become more affordable because the odds of an unresolved break-in have decreased. Here are some of the top technological advancements that have improved insurance.
The black box
The black box has saved thousands of people a lot of money, and it’s all down to technological advancements. With the ability to track your miles, speed, time of driving and many other perks, insurance companies such as WiseDriving provide a black box as part of their insurance package. Most first time drivers will face a big bill when they go to insure their car for the first time, but the black box has saved many people from forking out the extra hundreds to thousands.
When you’re applying for insurance, there are many analytics databases that you’ll input your details into and it’ll find you the best insurance for your home, car or lifestyle. Your information will be scanned through a system to find the best insurance to suit your needs. Your analytics also contributes to your no claims bonus and insurance history, which is going to make it more beneficial for use.
The introduction of exercise tracking devices
Life insurance is usually a pricey one, but with the introduction of the Fitbit, those who use it have been given an opportunity to make it even more affordable. Some companies will offer cheaper life insurance on the agreement that you walk 10,000 steps a day. It’s a good way of keeping track of your health and how much you walk, which is going to put your insurance provider at ease. If you’re not walking as much as you should be, they have the ability to increase the premium or cancel it entirely.
Technology has helped decrease insurance premiums massively, and the Ring video doorbell has already started making a difference. In fact, some insurance providers will knock 5% off your premium if you install one into your home. While house insurance covers fires and leaks, it also covers theft, which you’re less likely to face if you have a video doorbell – they’re definitely an investment.
Similarly to the black box, there are other alternatives to decrease your car insurance premium. This Is Money identifies car alarms as one of the best ways to lower your fees. While a black box is the best way to make your insurance cheaper, fitting an alarm or tracking device will also discount your fees.
Some cars do come with them, but they need to be declared on your insurance.
Technological advancements have been a positive move for saving money, and it’s likely to continue cutting finances, even more, when newer adaptations keep coming. Not only can it help your wallet, but it also helps to deter theft, which is going to keep you stress-free.