Asset Tracking Devices For Insurance Benefits

When insurance companies’ claim that they want to save your money and will grant you discount on your vehicle insurance, in exchange of installing GPS tracking device, you should be wise to be suspicious.

When you install a GPS tracking device in your car, it captures certain information and stores the data. These data are checked by your insurance company to determine your driving skills. If they think that you are an appropriate driver, they’ll reduce your premiums or give you credit on your account.

To be fair, most of the insurance company doesn’t force you to use this telematic device. It totally depends on your choice to be tracked for probably saving some money. Some insurance companies give discounts as long as the tracking device is being used, but if they get any notification that the tracker is put out of action, the driver will lose any discount they’ve earned or as per their policy.

Most companies’ asset tracking devices are a hardware piece that can be plugged into car’s OBD-II port. These OBD-II computer systems are inbuilt in most of the modern vehicles. Once the device is attached to the car’s computer, it feeds all the information the computer collects, mainly what it has been programmed to find. Then using wireless technology, it transmits the information to the insurance company.

However, an OBD-II-based tracker is enabled to find, store, and transmit every bit of data in the vehicles computer. When there are some insurance companies who never reveal what their devices track, you should carefully consider the terms and conditions put forward by the company.

Mostly, insurance companies use driver monitoring devices, to track drivers driving habits. These trackings help the company to figure out if the driver is likely to cost them money in claims. Driver monitor data includes, when, where and how far the car was driven, at what time and at what speed.

Apart from insurance companies, authorities can also use this data in emergencies for example, in a case of any road mishap, using speed and rash-driving records enable them to determine which driver was at fault, rather than simply wasting time on arguments.

When insurance companies install asset tracking devices for driver monitor, it also assists in personal benefits too. One can keep a track record of their driving skills improvement, driver’s behavior which plays a crucial role in life-saving. With this device, the vehicle owner can locate their vehicle from anywhere they want which can be good assist in stolen vehicle recovery too.