How much does having a dash cam save on insurance? This is a question that many drivers are asking as they consider installing a dashboard camera in their vehicles. The answer, however, can vary widely depending on several factors, including the type of insurance policy, the driver’s history, and the specific insurance provider. In this article, we will explore the potential savings that a dash cam can offer on insurance premiums and the factors that influence these savings.
Dash cameras, also known as dashboard cameras or dash cams, are small video recording devices that are mounted on the front windshield of a vehicle. They capture footage of the road ahead and can be invaluable in the event of an accident or traffic violation. With the increasing prevalence of dash cams, many insurance companies are offering discounts to drivers who install these devices in their vehicles.
Insurance Savings: The Numbers
The amount of money that a driver can save on insurance by installing a dash cam can vary significantly. According to a study by the Insurance Information Institute, drivers who install dash cams can save anywhere from 5% to 15% on their insurance premiums. This translates to savings of hundreds of dollars per year for some drivers.
Factors Influencing Savings
Several factors can influence the amount of money a driver can save on insurance by installing a dash cam:
1. Insurance Provider: Different insurance companies may offer different discounts for dash cam installation. It’s important to compare quotes from multiple providers to find the best deal.
2. Driver’s History: Drivers with a clean driving record may be eligible for larger discounts compared to those with a history of accidents or traffic violations.
3. Type of Dash Cam: Some dash cams offer more advanced features, such as GPS tracking and collision detection, which may result in higher insurance savings.
4. Insurance Policy: The type of insurance policy a driver has can also affect the amount of savings. For example, comprehensive insurance policies may offer larger discounts compared to liability-only policies.
Benefits Beyond Insurance Savings
While the potential insurance savings are a significant benefit of installing a dash cam, there are other advantages as well:
1. Evidence in Case of an Accident: Dash cam footage can provide crucial evidence in the event of an accident, helping to determine fault and potentially saving the driver from costly legal battles.
2. Protection Against False Claims: Dash cams can help protect drivers from false claims by providing clear evidence of what happened during an incident.
3. Enhanced Safety: Some dash cam models come with features that can help drivers stay safe on the road, such as lane departure warnings and forward collision alerts.
Conclusion
In conclusion, the question of how much having a dash cam saves on insurance is a multifaceted one. While the potential savings can be significant, they depend on various factors, including the insurance provider, the driver’s history, and the type of dash cam. For many drivers, the combination of insurance savings and the peace of mind that comes with having a dash cam makes it a worthwhile investment.
