Will a Dash Cam Save Money on my Car Insurance?

Attorney Ben Schwartz answers a viewer’s question in today’s video! Will a Dash Cam Save Money on my Car Insurance Premium? If you’ve seen our previous video on dash-cams, you’ll know our thoughts about the subject.

Will a Dash Cam Save Money on my Car Insurance?

TRANSCRIPT:

Hi, I’m Attorney Ben Schwartz.

Today, we’re going to answer a question from Facebook user Courtney Banks: “Does having a dash cam save money on my auto insurance?

Having a dash cam in the car won’t save you money on your auto insurance. However, it’s a good idea to have a dash cam. If you are in an car accident, it’s often hard for a police officer to determine exactly what took place. If you have a dash cam, then it will help you to document exactly what happened and help you prove that you had the green light, for example. From time to time, we get cases in which someone enters an intersection. My client says, “I had the green light and the guy behind me will verify it.” Meanwhile, the other driver entering the intersection says he had the green light. The police officer doesn’t know who to believe.

A dash cam could definitely help you prove that you’re right if you have an accident. It won’t save you money on your auto insurance. Your auto insurance company may have a program that uses telematics, or user-based insurance (UBI). The way insurance companies set premiums is that they look at things, like your age, your driving history, etc. to determine what they’re going to charge you for your auto insurance premium. With telematics, they can track your vehicle movements and look at things like how many miles you drive, your speed, your brake patterns, your acceleration, etc. and they can set your premiums based on these things. Several of the major auto insurance carriers have programs like this. For example, State Farm has a program called ‘Drive Safe and Save’ and Progressive has its ‘Snapshot’ program. These programs will require you to put a monitoring device in your vehicle that will send information to your insurance company. They will track your movements, and you can potentially save 10-15% on your auto insurance premium. If you want more information on this, contact your insurance company.

I would not do this – and this is just my personal opinion – but I would not want any insurance company having that much information about me. I don’t completely trust any of them to have that much personal detailed information about me that I don’t choose to provide. I don’t want them tracking my movements. I don’t want them having that level of granular detail about me and the way I drive. It might feel worth it to you to save 10-15% on your auto insurance.

Will a Dash Cam Save Money on my Car Insurance?

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