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How Installation of Dashcams in Vehicles can Aid Auto Insurers and Consumers

We always get a kick out of the viral videos from dashcams featuring people attempting to commit auto insurance fraud, whether they throw themselves on the hoods of cars or purposely reverse into another vehicle in an attempt to claim they were rear ended. Dashcams ultimately provide documentation and evidence. For whatever reason, dashcams aren’t as popular in the U.S. as they are in other countries such as Europe.

According to an article by Daniel Caughill of Value Penguin, “no major insurance companies in the U.S. offer a premium discount for installing a dashcam in your car.

However, a Senate bill in committee would require New York insurers to provide a 5% discount to drivers whose vehicles have a dashcam. If the bill passes, it could set a precedent for other states to follow suit.”

Here are multiple ways that dashcam installation can help auto insurers and consumers:

  • Dashcams can thwart insurance fraud by acting as a deterrent, and ultimately reduce the fraud tax that's built into auto premiums.

    • "Insurers in no-fault states such as New Jersey could save billions of dollars by supporting the proliferation of dashboard cameras.”

    • “By installing dashcams in their vehicles, drivers can help expose staged accidents as they occur. Not only would this reduce the financial burden of fraud overall, but you also prove you weren't responsible for the individual accident.”

  • Dashcams can aid drivers in avoiding wrongfully issued traffic tickets/moving violations that may drive up premiums.

  • Dashcams can hinder vehicle vandalism/break-ins/theft.

Dashcams appear to be helpful investments for consumers regardless of insurer endorsement!

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