3. Add a Black Box to Lower Costs
What is a black box? A black box monitors all of your driving behavior. Everything you do behind the wheel is recorded and then the information is given to the insurance company.
What do they do with this information? They use it to determine if you are a safe driver. How can a little box determine if you’re a safe driver?
They monitor things like how much you drive, the speeds you drive, and also the distance. All of this is vital information that they collect and use to determine if you qualify for a rate reduction.
You don’t need to worry about an invasion of your privacy. The information collected by the black box isn’t sold to a third party. What use would a company have in knowing how fast you drive?
There is a limit to which this information is useful, and the insurance company only needs it. The data they gave is added to the algorithm they use to determine the cost of your insurance.
No one can force you to put a black box on your car, and the amount of money you save may be small, but every bit counts if you’re paying premiums that make you do a double-take.