Simple vehicle gadget could lower car insurance costs by 20%
In some cases, a dashcam could provide a car insurance discount
With the cost of car insurance hitting new highs, Brits are on the hunt for savvy savings. Recent figures from Confused.com have revealed a staggering 43 per cent hike in car insurance rates over the last year up to April. But there's a silver lining a simple car gadget could not only boost your safety but also slash your insurance bills.
Fitting a dashcam can lead to discounts of up to 20 per cent on your car insurance premiums, Uswitch claims. With the Association of British Insurers reporting an average motor insurance cost of £627 a year, you're looking at a potential saving of nearly £125 annually.
Paul Daly, director of InsureDaily.co.uk, commented: "A growing number of insurers recognise the value of dashcams, as they not only help identify fault in the unfortunate event of an accident but also protect against potential insurance fraud. Dashcams have a significant role to play in insurance claim disputes, as they provide unbiased and reliable footage, which can be the decisive factor in establishing the chain of events leading to an accident."
Dashcams offer the crucial advantage of delivering impartial and trustworthy evidence if your vehicle is involved in a road mishap. This footage can be pivotal for insurers when figuring out who or what caused the crash.
Mr Daly stated: "By eliminating the 'he said, she said' disputes that can often arise, insurers can save significant administrative costs, savings that can potentially be passed back to policyholders through the means of discounts. In fact, in some cases insurers will offer to either reduce or waive the policy excess when a dashcam is fitted".
Dashcams also help prevent fraudulent insurance claims and help protect drivers from false claims which could otherwise increase their premiums. How car insurance costs you save having a dashcam fitted in your vehicle will depend on your insurance provider's policy.
It's important to note that some won't alter their quotes regardless of whether you have a dashcam in your vehicle, while some may provide different discounts depending on the type and quality of dashcam fitted. If you are unsure if your dashcam will provide you a car insurance discount, you should ask your provider before purchasing a quote.