What Auto Devices May Lower Car Insurance Costs?

October 21, 2019

We all want to lower our car insurance rates, right? But there are only so many good student, good driver, and bundled insurance discounts available. The premiums you get may still be fairly high. Fortunately, there are a few other ways you can decrease your car insurance premiums by installing devices directly into your car.

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Each of these devices is voluntary, but if you choose to do so, they could lower your premiums.

Anti-Theft Devices

Insurance companies reward you for any anti-theft devices installed on your car. It decreases the risk of someone stealing your car or getting away with it for very long. Without the risk of a total loss, the insurance company can charge you lower premiums.

You can choose from a few different anti-theft devices:

  • GPS tracker to track the car should someone steal it
  • Hot wire deterrents to prevent a thief from hot-wiring your car
  • Chip-enabled keys that make it impossible to start the car with anything else

Any of these anti-theft devices, as well as many others, can lower your premiums. Insurance companies like to know that there are precautions in place to stop thieves in their tracks. You can expect savings between 15% and 25% for these devices.

Additional Safety Features

Most cars today have airbags, but if your car has other safety features that keep you and your passengers safe, you may save money. Head restraints, anti-lock brakes, lane departure warning systems, and collision sensors all help keep you safe and save you money.

Insurance companies know that with these safety features in place, the likelihood of excessive injuries or fatalities get lower. Since these claims can get quite costly for insurance companies, they reward customers with lower insurance rates as an incentive to install such safety features.

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Tracking Devices

The latest craze in saving money on car insurance involves installing a tracking device in your car. The tracking device tracks your driving habits. The device records the data and sends it to your insurance company. Many insurance companies don’t disclose what they actually track and what determines how much you save, but you can ask your insurance company for more information.

Basically, insurance companies are trying to get data that lets them know if you are a good driver or not so good. If you are not so good, you pose a higher risk of filing a claim and you probably won’t save money on your premiums. But, if you are a good driver, you may save some money on your premiums – at least it’s worth a shot.

Every insurance company differs in the discounts they offer. If you added safety features or are thinking about it, talk with your insurance company about how it may help you. Aside from the fact that the devices help increase your safety while on the road, they could save you a significant amount of money every year.

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