Various Insurance companies have found a new way with which the drivers could get better benefits with very low insurance rates. It has been found that most of the well reputed insurance companies have started using Smarbox, a new technology which was announced in 2012 and is getting popularity day by day. Like black box or TV Smarbox in Air Bus the device has quick synchronization to the electronic system of your car and collects information data about location, acceleration, speed, braking system and time. The data transmission is conducted wireless and provides a complete image of how and when you drive. The insurance claim is given according to the profile the smarbox has generated through your car.
MyDrive Screen or Logo
This new advanced technology would replace the existing practice of determining the payments for premium and coverage of insurance all this in group behaviour of the drive. Young aged drivers always drive fast, driving at night and most common accidents are caused by these young drivers. So to cover the accident claims cost, insurance companies would charge high rates. Even if you are a responsible and young driver with good driving experience you still have to pay higher insurance rates due to your group behaviour. The information collected can be easily viewed online which may also include what you are doing, how well you are doing and what should be improved. The insurance cost could increase to more than 21 percent for bad drivers. The young drivers would be hit and charged heavily if they would drive rash on the busy roads. Insurance companies are giving chance and to prove that young drivers are responsible drivers and omit the assumption that young drivers are bad drivers and cause maximum road accidents. Almost 3200 people were killed on the roads of Britain and nearly 250000 were injured.
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With this approach it is as technical appeal to the young as well as experienced drivers that they should drive safely and responsibly. The main cause of night accidents on the road is that these young as well as experienced drivers mix drinking and driving and sometimes even do not know at what speed they are driving.
MyDrive and SmarBox
With Smart box, the car insurers would be able to easily the total risk which is presented. The product is being designed and manufactured by MyDrive Solutions. The whole data collected would be stored on a cloud drive or MyDrive Online which would allow the insurer to ass’s group behaviour of the driver. The device would work by fitting a drive recorder which would be dynamic recorder in each car which would take huge amount of data and captures image every Five seconds which would give the driver’s driving style.
This innovation would bring broader changes in the Insurance history. We can say that with technological innovations getting out every minute the insurance would be completely depending on technology. Smart box is the only way to spy out bad drivers and asses the proper driving capabilities so as these could be improved in future and would also cause reduction accidents caused by young drivers.