Some of the British insurance companies have started to try something new. These insurance companies offer their younger drivers an option in which if they fit a ‘black box’ sort of like what you find in a plane, which would essentially serve the purpose of recording your driving habits, and in return the insurance companies would give them a good discount on their premiums. These ‘black boxes’ monitor everything from the speed limits, your acceleration and braking and would reward good habits. If a driver with a box in his car is constantly driving above the speed limit, the insurance company can then issue a warning or even fine the driver.
The black box technology, although old in essence, is relatively brand new to the field of cars. Hence insurance companies are still in the process of exploring what options they might have with the box. Essentially the insurance companies focus on the younger drivers as their premiums are the highest. Some of these insurance companies also keep score sheets and compare all the information of the drivers and at the end reward the best driver with discounts. Some of the insurance companies are still waiting to see if the introduction of the black box will change the behavior of all drivers or will only those who are relatively more cautious who will accept the new technology.
Currently there are about one dozen insurance companies within Great Britain which are offering these black box covers. Only just four years ago, only around 12,000 people had this black box policy installed in their vehicles; however over the 4 years the number has risen greatly as now over 290,000 people in Great Britain have the black box insurance covers on their vehicles. The insurance companies are stating that if all motorists can prove that they themselves can be low risk or cautious drivers than such policies can bring about a reduction in the cost of their covers.
In a research from a comparison website, we find evidence that suggests that the cautious or good drivers who have started using the black box technology, also known as telematics, can have around 212 Great Britain pounds deducted off of their insurance premiums. If such a trend prevails over the next few years then we might see it expand into other categories of drivers and then the speed limit enforcement would shift on over from the police over to insurance companies.
The speed cameras on the streets such as those found in the Kingdom of Saudi Arabia would essentially become redundant as the drivers would be more concerned about their increasing insurance premiums rather than any speeding tickets and fines. With the advancement in technology it is not hard to say that sooner or later we will find a replacement for these street cameras and they will be abandoned. However for those who are cautious with their driving, these street cameras seem invisible to them as it is.
Source: Arab News
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