Can Smarter Vehicles or Connected Vehicles Save Money and Save Lives?

We all know that we need insurance and we’re all aware that driving without it isn’t legal. Insurance is something we’d rather have and not need, but it can also be quite costly. It’s a requisite prior to engaging in certain activities such as driving. That said, lowering the cost is something everyone wants to do.

According to the latest statistics from the World Health Organization more than 1.25 million people die every year from traffic accidents. Traffic accidents are the leading cause of death in people aged 15-29. They also predict that by 2030, just 13 years in the future, road accidents will surpass multiple health issues and become the 7th leading cause of death for people of all ages.

There are a few things that you can do to lower the cost of insurance as well as—as it turns out—probably keep you a little safer.

The most basic way to ensure that you lower your insurance costs and stay a little safer is to install a dash cam or a black box. That will keep track of everything that happens and it will help your insurance company to determine who is at fault. It comes as no surprise to find that those who have a dash cam typically drive much more carefully because the dash cam is recording the activity. That means that the IoT device you elected to use will also keep you safer.

Share the data with your company. Allowing the data that you have to be uploaded and shared is another way to go that will help with insurance costs according to Datum “We have been advocating data sharing. Given the sheer number of benefits that you can get when you participate in a truly decentralized marketplace for data. One such benefit is – you guessed it – lower insurance premium payments.”

While most black boxes today, OBD scanners and dashcams are not connected these days many can be and networking is becoming more common every day. Once insurance companies have more data about your driving they can optimize your payments and help you to save money and stay safer. Whether you are of the school that likes IoT or is nervous of it, saving money is an IoT bonus we can all get behind.

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