Insurance Box could save you money
Technology now delivers car insurance tailored for the individual driverQBE Insurance Group has announced a new insurance product called Insurance Box.
Instead of filling out a form online or talking to someone over the phone about how old you are and what you use your car for, QBE Insurance Group instead sends you a small device that plugs into your car.
This small box actually measures how well you drive. Everything, from speed and braking to where your car is parked, can be monitored and the insurance policy is uniquely tailored towards you as a consequence.
Insurance Box also gives drivers feedback on their driving habits, through a DriveScore. This DriveScore will give drivers hints and tips on how to improve their driving style to become a safer driver, which means that increasing your DriveScore results in decreasing your insurance premium.
A tangible reward for driving safely and useful feedback on how to save money, it’s not a bad carrot to dangle in front of drivers.
The Insurance Box also helps protect against car theft. It has the capacity to send location data and if your car is reported stolen, Insurance Box can tell you where it is.
However, the compatibility of Insurance Box is limited to a certain number of cars. QBE Insurance tell us most cars manufactured after 2000 should work and all cars from 2006 onwards will work, but when we tried to get a quote for a 2009 Ford Fiesta, they told us that this particular vehicle was incompatible. Odd.
After selecting another car, we managed to compare two quotes, one from Insurance Box and the other from RACV, for a male driver aged 24 and found that Insurance Box offered up comprehensive car insurance almost $250 cheaper than RACV. This also accounts for the fact that Insurance Box charges an additional $110 for the first year to cover the cost of the box itself. Of course, this premium will fluctuate year to year depending on your driving habits, but the potential to save a lot of money is there.
If you are looking to save some money on car insurance, Insurance Box may be the unique alternative you are looking for, but only if you stop ripping burnouts in the local supermarket car park.
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