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Insurance - Essay Example

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Telematics insurance system is an innovative concept that encompasses a wide range of applications “beyond the traditional insurance coverage” (Tindall, 2013). The system, which commands high popularity in developed countries such as the UK and US, has initially been based…
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Download file to see previous pages The insurance schemes using telematics technology has several advantages while at the same time it ails from certain disadvantages.
One of the main advantages of telematics insurance is that it can constantly remind the driver of how fast he or she is driving the vehicle. Thus, when a person drives the vehicle beyond the safe speed limit, it works as an automatic check on dangerous habits. Thus, the younger generations who tend to embark on dangerous driving habits will b encouraged to adopt safe driving practices through this system of insurance. Since the insurance company collects the premium based on the driving behaviour of student drivers, telematics will inculcate in them the habit of safe driving. It also offers a no claim-discount for the first five years and, therefore, it can reduce the risk of accidents in the case of young student drivers, who otherwise tend to drive recklessly. This in turn will also help the students to get a low insurance premium, which can be an attractive proposition for them. On the expiry of the insurance coverage reimbursement is made for the unused miles, and this enables the students to save the amount from their first premium deposit. Telematics technology helps the insurer also to advise young student drivers when they meet with any road accident. Since the technology tracks driving behaviour, it allows them to claim damage from the insurer, provided there is no fault in their part. Some insurers such as “Insure the Box” provide a “bonus of 100 mile per month” to young student drivers if they drive safely (Avery, 2011). “As per ABI news release on 5th march 2013” a reduction in car insurance premium for young drivers of up to 20% is expected, if the government takes action for maintaining a complete risk free driving on roads by the young students (ABI News Release, 2013). The European Court of Justice (ECJ) has announced recently that it will prohibit insurance companies which tax more premiums ...Download file to see next pagesRead More
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