https://hdfleet.com/wp-content/uploads/2021/09/dashcam-insurance-banner.jpg One popular recent online trend is streaming footage of motor vehicle near-misses, road rage incidents, and mishaps through the lens of a dash cam. While the fleet dash cam has entertainment value, it’s far more useful in supplying evidence of motor vehicle incidents for insurance claims. Insurance firms save money by preventing insurance fraud and making the claims process more efficient. About the Discount Have you heard that having fleet dash cameras reduces your insurance premiums? There are clear benefits to the insurance industry, with a $34 billion reduction in fraudulent cases and a faster claims process, but you may wonder if there are any savings for the ordinary citizen. Currently, the US’s most prominent insurance agencies, such as GEICO, Allstate, Progressive, and State Farm, don’t reward drivers for installing a dash cam in their vehicles. However, this situation is about to change. Foreign insurers are collaborating with dash cam manufacturers to offer drivers and businesses discounts on their premiums for installing dash cams for a fleet. While these deals are currently being brokered, a Senate bill in committee would permit New York insurance companies to reward drivers with dash cams with a five percent reduction in their premiums. Dash Cams Guard Your Current Premiums Apart from direct benefits through premiums, installing a dash cam can prevent increases in your monthly fee. In most cases, car accidents are one person’s word against the other’s—but when you have a dash cam, you can access footage of the accident to prove that you weren’t at fault. If you don’t have evidence that you’re not at fault, your premiums could rise as much as 80 percent. It’s a wise decision to install a dash cam to potentially save money as well as preserve your driving record. Insurers Reduce Insurance Fraud While this benefit may not be for you directly, it is advantageous for everyone who holds insurance. If these companies lose large amounts of money due to fraud, they reclaim their losses by filtering them into the policyholders’ premiums. The fraud tax usually accounts for between ten to 25 percent of the total fee. Any footage on a GPS tracking dash cam can become evidence to clamp down on fraud, ensuring that insurers can continue offering competitive rates. Expediating the Claims Process Waiting for the processing of your accident claim can be frustrating as the insurer conducts their investigations. However, you can expedite the process if you install a dash cam. The data from the camera is objective evidence that has proven to speed up the claim period by 50 percent. The waiting period for a claim is an average of 248 days, so you can imagine how much that timeline may shorten with a dash cam. It Saves You Time and Money Even though most insurance companies don’t offer a discount on your premium for installing a dash cam, it does save you money in the long term. The flood of foreign insurers offering these discounts may influence local companies to follow suit. In the meantime, you can install a dash cam to protect yourself and your driving record.