If you are concerned about ever-increasing car insurance premiums Telematics Insurance might be the right way for you to go. Telematics is also known as "black box insurance" and derives from the black boxes installed on aircraft. In the event of an aircraft accident or crash the black box gives investigators immense detail of how the aircraft was performing in the moments up to the accident. The same technology has now been developed for use in your car.
In essence a black box - a device about the same size as a mobile phone - is installed in your car. This then sends continuous information to your insurance company about your driving. The result is that, if you are a careful driver and do not drive at high risk times, such as during the school run or after midnight, your insurance company can reward you with lower premiums.
The advantages of Telematics are immediately obvious. For example if you are a young driver in the age bracket 20 - 24 you are at present automatically classed as "high risk". Jensen Button and Lewis Hamilton were racing Formula 1 cars at that age but would be classed as "high risk" on public roads! With Telematics your insurance company can see how you drive, when you drive and where you drive and charge premiums accordingly regardless of your age or other circumstances.
So what does the black box do? Not only does it tell your insurers where you are or for how long you have been on the road, it also measures acceleration, braking, cornering, timing and speed among other things. It tells them how well (or badly) you drive. You might, for example, be in a high risk age bracket and get tarred with the same brush as everyone else that age. However, the black box will tell your insurers if you are a safe driver and they will reduce your premiums accordingly.
You can also have a display on your dashboard that tells you how well you are doing and you can alter your driving habits in order to reduce your premium. You can even go online to look at your personal driving history and monitor how your insurer is using the information to calculate your premium. There is one insurer who will let you use the black box for just six months and then dispense with it, having obtained sufficient information about you to calculate future premiums.
In the US, insurers are tending to look at how long you are actually on the road, although in Britain they are more concerned with your driving skills.
Some people only use their cars infrequently and do little mileage. If this is you then you stand to benefit; why pay the same premium as someone who does 50,000 miles a year if you only do 5,000? It's a pretty obvious conclusion that they are at ten times the risk of having an accident as you are.
Another benefit is that your insurers can tell if you are standing in a queue of rush hour traffic or involved in an accident. The black box immediately alerts your insurers of a sudden change in g-forces. Since the box can also be used as a mobile phone they can call you to check if you are OK and alert emergency services if necessary.
If your car should be stolen, the GPS tracking can alert the police. More than 97% of stolen vehicles fitted with Telematics have been recovered within one hour. However, if location tracking is a concern because of privacy issues many insurers will allow that part of the system to be switched off.
Certainly some drivers may feel uncomfortable having "Big Brother" looking over their shoulder at all times and if you fall into that group then you may not wish to take advantage of the many benefits. However, if you are a safe and careful driver you have nothing to worry about and only lower premiums to gain.
Searching for car finance can seem an endless task with lots of different providers vying for your attention and can put many people off. But it doesn't have to be this way and can even be something that you do with your feet up watching the TV. There are an abundance of car finance companies online and many who can help you even if you have a bad credit history and may have been turned down elsewhere. As long as you meet the providers own criteria then you could be eligible for the finance you need to get you on the road. In most cases you need to be between 18 and 70 years of age although this is dependent upon which car finance provider you use. If you are have a low credit score because of a bad credit history then you still be able to get the loan you need a many of providers specialise in providing car loans for those who have been turned down by other lenders because they have defaulted in the past. Some people find that because they have no credit history at all that this goes against them but there are companies out there who will still be able to give you your loan. According the DVLA there are more than 35 million cars on our UK roads and you could be one of them.
Your car finance could mean that you benefit from low interest rates, instant decisions, an quick transfer and could get up to £500 cash back so more reasons why should shouldn't hesitate in starting your search today.
Once you have your car finance approved you will then be able to go to a dealer and start looking for the car you want knowing that the money is not a problem and most providers can transfer your cash the same day as your loan is approved so wont delay you getting your new car. Of course you do need to remember to be careful when it comes to choosing your car and make sure that you buy from a reputable dealer. You can check the details of your potential new car with the DVLA's vehicle enquiry service before you make your purchase. Other things that you can do is to check the vehicles Identification number (VIN) and engine number and check that these match the ones on the Log book. Most dealers will be more than happy to put your mind at rest and go through any details that you are unsure of. Once you have picked the car you want, you'll have the funds to make the purchase and will be able to drive away in your new car.
Getting your car loans is a straight forward and simple process and won't take up too much of your time, the majority of it can be done online and a decision given within 24 hours. Start looking for that new car now because you'll soon have nothing stopping you so don't delay, get searching today!
Blackboxinsurance.com is a comparison site that helps you get the best quote from the telematics insurance market. We list the main insurers and the individual features of their respective policies to allow you to make a more informed choice. When you apply for insurance through the links on our site there is no obligation to accept any quote you are given.
All insurers are different and we encourage you to read the information on this site to work out which insurer is best for you.
Black box insurance is booming within the young driver environment. It is rewarding safer drivers and making the roads safer. People no longer have to subsidise the reckless driving habits of others and will pay how they drive. This pay as you drive insurance is set to grow exponentially over the next few years and will take advantage of advanced telematics technology to transmit your driving data from your car to your insurer.
The black box will be installed into your car at no extra cost and this will then track your driving habits. The things it tracks are braking, cornering, speed, acceleration, your vehicles location and the types of roads you drive on. This will give the insurer a broader picture of how you drive and will allow them to adjust your policy amount accordingly. Safe drivers should be able to save money on their premiums as they will no longer have to pay for dangerous or bad drivers.