Various Insurance companies have found a new way to get better benefits with meager insurance rates. It has been found that most of the well-reputed insurance companies have started using Smartbox, a new technology that was announced in 2012 and is getting popular day by day. Like a black box or TV Smartbox in AirBus, the device has quick synchronization to your car’s electronic system. It 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 Smartbox 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 behavior of the drive. Young aged drivers always drive fast, driving at night, and these young drivers cause the most common accidents. So to cover the accident claims cost, insurance companies would charge high rates. Even if you are a responsible young driver with a good driving experience, you still have to pay higher insurance rates due to your group behavior. The information collected can be easily viewed online, including 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 rashly on the busy roads. Insurance companies give a chance and 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 Unique Press.
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With this approach, it is as a technical appeal to the young and experienced drivers that they should drive safely and responsibly. The main cause of night accidents on the road is that these young and experienced drivers mix drinking and driving and sometimes even do not know at what speed they are driving.
MyDrive and Smartbox
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 device would work by fitting a drive recorder, a dynamic recorder in each car that would take a huge amount of data and capture an image every five seconds, which would give the driver’s driving style. The whole data collected would be stored on a cloud drive or MyDrive Online, which would allow the insurer to ass’s group behavior of the driver.
This innovation would bring broader changes in Insurance history. We can say that with technological innovations getting out every minute, the insurance would be completely dependent on technology. The smart box is the only way to spy out bad drivers and assess the proper driving capabilities so as these could be improved in the future and would also cause a reduction in accidents caused by young drivers.