Can Dash Cams Save You Money? 4 Ways They Impact Your Car Insurance - Nexar
Do insurance companies lower rates if you have a dash cam?
Many people out there are looking for ways to save on car insurance, which might come in the form of good driver discounts or monitored driving, which may result in lower monthly premiums. Those who are considering installing a car dash cam might be wondering if it will lower their insurance rates.
Although it is not considered standard practice within the car insurance industry at this point in time, yes, some car insurance companies do in fact offer discounts for having dash cams installed and utilized. Read on to learn more about the likelihood of getting a dash cam insurance discount.
What are the insurance benefits of using a dashcam?
Dash cams (especially Nexar legacy and connected dash cams) can be extremely helpful for insurance purposes beyond providing a dash cam insurance discount, especially when it comes to determining fault/responsibility. This can help reduce time spent handling disputes from other parties, streamlining the claim process. Dash cam insurance claims typically move faster through the pipeline due to less “he said, she said” type scenarios.
The Nexar beam2 mini is our compact dash cam that packs a big punch when it comes to smart features. You get protective essentials such as live streaming, 24/7 Parking Mode, and unlimited cloud storage powered by the accompanying LTE Connection Plan (currently priced at $9.99 for those who want to get in on this low rate for monthly coverage/support). These features can help drive down or eliminate costs associated with insurance claims and traffic violations.
In the future, it’s not outside of the realm of possibility for dash cams to have the ability to track drives and driver habits/behaviors, determining safe and unsafe drivers, which may also help drive down insurance premiums for drivers who obey traffic laws and adopt safe driving practices. That might not be a dash cam discount per se, but it will result in major savings.
All Nexar dash cams (including our beam2, beam2 mini) can save and recall footage swiftly and easily for insurance claim purposes, which is yet another benefit of having a dashboard camera.
4 Benefits of Using a Dash Cam
Beyond a car insurance dashcam discount, what are the benefits of using a dash cam? Here’s a quick summary that we’ll expand upon below:
1.) Providing Video Evidence in Accidents
2.) Fighting Insurance Fraud
3.) Capturing Non-Collision Incidents (e.g., Theft & Vandalism)
4.) Encouraging Mindful and Defensive Driving
This is all in addition to the possibility of getting a dash cam insurance discount.
Providing Video Evidence in Accidents
Dash cam insurance claims are typically more cut and dry as opposed to claims lacking video evidence. When video evidence is provided of an accident, there is far less murky waters to navigate in the insurance claim process. If the footage is good, the at fault driver should always be fairly clear. Dash cams help drivers and insurance providers state their case while establishing a clear sequence of events in a way that drivers on either end of an accident may not be able to provide without one.
Fighting Insurance Fraud
Although we always try to give everyone the benefit of the doubt, not everyone is honest and forthright when it comes to admitting fault in an accident and accepting accountability during insurance claims. Dash cam footage can prove innocence and shed light on the guilty party, which can help reduce, eliminate, or prove instances of insurance fraud.
Capturing Non-Collision Incidents (e.g., Theft & Vandalism)
Dash cams can also help with insurance claims when it comes to theft, vandalism, and wildlife contact, as well as natural disasters and extreme weather events that have a direct impact on your car.
Not every insurance company is going to jump at the chance to give you a payout – more than a few providers may resist paying out claims when it comes to the types mentioned above. However, dash cam footage can help catch incidents on camera, resulting in full insurance payouts.
Encouraging Mindful and Defensive Driving
Having a dash cam helps drivers catch the behaviors and actions of other drivers on the road, but dash cams also help promote good driving habits. Any driver with an active dash cam will drive in a safer way knowing their actions are being recorded.
Nexar’s mini dash cam (beam2 mini) provides a discreet windshield footprint that does not obstruct a driver’s view of the road, which ensures a safe driving experience at all times, which will ultimately factor into lowering insurance premiums and vastly improve your chances of getting a dash cam insurance discount. Some drivers might even use dash cam footage to improve driving habits, sort of like an athlete reviews game film to improve overall skills.
Additional Benefits of Dash Cam Installation Beyond Dash Cam Insurance Discount
Apart from enticing dash cam insurance discounts and lower premiums due to safer driving, there are numerous additional benefits to installing a dash cam in your vehicle.
Dash cams promote safer driving and can assist in monitoring and deterring theft or vandalism, offering increased security and peace of mind for vehicle owners. They can also capture memorable road trips and scenic drives, allowing you to preserve and share your adventures with friends and family. Dash cams enhance your driving experience while providing added security and potential insurance cost savings.
How to Submit Dash Cam Footage to Authorities
Do you have a dash cam and require legal support after an incident? Footage may be crucial for dash cam insurance claims. Depending on where you live, you can likely submit dash cam footage to your local authorities. You can do so by contacting local police directly – either by phone or through their respective online portal. Typically, you will need to provide footage along with any details you can (such as date, time, location, and any relevant details of the incident).
There is also a newly developed National Dashcam Safety Portal that has been created in response to an increasing number of submissions of video and photographic evidence from the public, people who have witnessed driving offences on the road and submit footage as evidence.
FAQs
Does a dash cam make insurance cheaper?
Do dashcams lower insurance? It depends on the insurance provider. By and large, most major car insurance companies do not provide an insurance discount for dashcam. However, some providers do offer a dash cam insurance discount. A dash cam can also save you money in other ways such as avoiding/disputing fraudulent claims with video evidence.
Do dashcams decrease insurance?
Does having a dash cam affect insurance? Although you may not see an immediate decrease in insurance costs after installing a dash cam (unless your provider states otherwise), dash cams can decrease insurance costs by promoting good driving habits, capturing footage of driving and parked incidents, as well as help avoid getting (and having to pay for) unjust tickets.
Should I tell insurance I have a dash cam?
Although drivers are typically not legally required to inform insurance companies about dash cam installation, disclosing it may potentially qualify drivers for lower rates and/or a dash cam insurance discount.
Does State Farm give discounts for dash cams?
State Farm does not currently offer a dash cam insurance discount.
Does Geico give a discount for dash cam?
Geico dash cam discount seekers will likely be disappointed as Geico does not currently offer a dash cam insurance discount.
How do dash cams impact car insurance in the US?
In the US, the impact of dash cams on car insurance is becoming increasingly significant as more drivers adopt this innovative technology. By providing visual evidence of accidents, near-misses, and other on-road incidents, dash cams have emerged as a valuable tool for both drivers and insurance companies to accurately assess claims and settle disputes.
Do all insurance companies offer a dash cam insurance discount?
While the popularity of dash cam insurance discounts is on the rise, not all insurance companies currently offer this benefit to their policyholders. As the demand for these devices increases and their effectiveness in promoting safer driving and reducing fraudulent claims becomes more evident, it is expected that more insurers will begin to embrace this trend.
To find an insurance provider that offers a dash cam discount, it's essential to conduct thorough research and compare various policies to ensure you receive the most competitive rates and comprehensive coverage. Stay informed about the evolving landscape of car insurance and discover how you can maximize your savings by opting for an insurance company that supports and rewards the use of dash cams in vehicles.