Car insurance costs: Drivers of older cars set to pay more than most for this reason10/07/2020
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Car insurance firms are offering substantial discounts to drivers who are behind the wheel of safe vehicles or those who have installed safety tools. Simple features like adaptive cruise control and automatic emergency braking systems could help drivers save money.
Experts have urged drivers to make this kind of technology clear to insurers when signing up to an agreement as this could lead to a small discount in costs.
uSwitch also warns that simple anti-theft devices such as a GPS tracker and tyre and steering locks can also reduce costs.
Charges are reduced because drivers with safety technology installed may be less likely to have a car crash and therefore less likely to male a claim.Experts warn all drivers could make savings on a policy by simply installing a dash cam to their car.
However, costs could fall by up to 20 percent for younger drivers with a dash cam which could be a big boost for cash-strapped road users.
Insurance providers could offer between 10 and 12.5 percent off the price of policies for simply having a camera installed.
However, costs could fall by up to 20 percent for younger drivers with a dashcam which could be a big boost for cash-strapped road users.
Compare the Market has warned that not all firms will offer discounts for dash cams even if the tools are installed.
They urge drivers to shop around until they find an agreement which caters for the tools they have at their disposal.
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uSwitch spokesperson Florence Codjoe urged drivers to check how many features were installed in their cars and tell their insurance provider as soon as possible.
He urged drivers that as well as reducing costs, the new technology would likely increase their safety on the roads in another major win.
He said: “Whilst we know safety devices, such as black boxes can help young drivers, there are so many other features that can help you make a saving.
“If you’ve got a new car, make sure you check the list of features installed and tell your insurance provider.
“If you have an older vehicle, simply installing a GPS tracker or a car safety alarm system could see you save hundreds of pounds on your premiums.
“Not only this, but you’re increasing your safety on the roads, which of course, is the most important reason for doing so.”
However, experts at Hastings last year revealed that insurers were spending more money per accident to repair some newer models due to the increased technology.
Toby Van der Meer, chief executive of Hastings warned that more expensive vehicles are safer to drive than older cars but were “more expensive to repair”.
He warned that the increase in high-tech features was “driving inflation” for prices in some areas.
He revealed this was because firms now had to factor in repairs to “technology and sensors” instead of just “repairing a piece of bent metal”.
Younger drivers can already benefit from getting a telematic black box device installed in their cars.
According to MoneySuperMarket, some younger drivers can save up to £900 on their policies for simply installing a black box.
Drivers aged 17 to 19 would pay just £1,490 for cover with a device compared to a massive £2,339 without one.
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