We live in an age where technology makes incredible advancements every day, and it can be hard to keep up with all the changes. It affects every part of our lives, and that includes when we’re behind the wheel and on the road. Honestly, it wasn’t that long ago that black boxes were brand new, and no one knew what to make of them.
Now, black boxes are fairly standard procedure for young drivers. The same goes for dash cams, and those have helped people prove they weren’t responsible for accidents for years. So, how is technology shaping young driver insurance policies, and what can we expect from potential technologies that are only just starting to surface?
How AI Technology Could Shape Future Policies
There are currently AI-powered apps that help to monitor and track driving, which could prove useful for young drivers who are looking to be safer on the roads. Driverly is one of these apps, and it works by monitoring your driving as you go while also using current weather forecasts and events to build an AI map of real-time driving conditions you can expect.
It takes note of all accidents happening on UK roads as they occur and is reported and builds a risk profile that helps you stay safe and find the best routes. It has been designed for young drivers to help them learn how to drive safely and improve risk analysis for insurance providers. The hope is that this can lead to lower premiums for those who use apps like this.
Dash Cam Policies
These are often offered as an alternative to black boxes, and they are used by student and experienced drivers alike. Since they are wired to the ignition, they are always on when the car is running, and they record everything that happens when you’re driving through a video feed – which means they can be used as evidence after car accidents.
It can be used to prevent people from being unfairly blamed for accidents and almost always shows who was actually at fault. Many insurance providers actually offer discounted premiums for those who willingly have dash cams installed. However, telematics is still the cheaper choice for young drivers under the age of 21.
Black Box Technology
Black boxes, also known as telematics, are hardwired into your car so that they can record everything that happens in an accurate log. They can’t be turned off, and they usually reward you for driving safely and sticking to certain speed limits or only driving during specific times. This tends to be a reward in the form of reduced premiums when you renew your policy.
It actually makes your insurance cheaper because you’ve chosen to have your driving habits tracked and recorded, which saves you money every year. It’s a great way to learn how to be a safer driver and keep yourself accountable on the road.
Pro Tip: Insurance companies used to have strict curfews with penalties, but two teenagers in 2013 were killed in an accident racing home to beat their curfew, so very few insurers implement it now.
Using the Internet of Things for Future Policies
The Internet of Things (IoT) is always a hot topic of conversation, but there is a lot of potential for it in the future with regard to cars and driving. Connected cars and systems are becoming increasingly popular, and we’re starting to see them as the norm instead of something different and revolutionary.
IoT has the potential to completely revolutionise the car insurance industry and prices because its further implementation could improve traffic control and management, enhance safety, and even work to predict maintenance issues and repairs before they happen. In the future, it may even be able to help prevent serious car accidents from occurring.
Implementing Safer Driver Systems
We already have advanced driver assistance systems being implemented, and many newer models of cars come with them as a standard feature. We’re seeing things like automatic braking, cruise control, and lane assist come into play, which can help avoid accidents and make us safer drivers.
Of course, there are always risks with new technology, especially when it’s still fairly recent in terms of development, but these features are considered to be safer by most insurers. They boost the safety rating for your car, which then works to lower your premiums.
Get the Cheapest Black Box Car Insurance with MyFirst
The question we get asked most is how much is insurance for a new driver? The answer is usually a lot because we know that with car insurance, new driver rates are not kind to your bank account. At MyFirst, we want to put an end to over-the-top premiums and offer you an insurance policy you can rely on and actually afford.
