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Motor Insurance and Technology What are Telematics





It is safe to say that there is no definitive explanation of what telematics means. The word itself has origins in French language as a combination of telecommunications and informatics. When used in current day situations the word usually relates to its application in vehicles. In this form, telematics refers to the reporting, exchange & storing of information and the automated control of vehicles.
Your car probably already has telematics installed – 40% of new cars sold in Europe in 2017 had telematics already installed and the number of vehicles with the units installed is expected to hit 258 million by 2023.
What does this mean for drivers?
Right now, as you read this, some vehicles already communicate autonomously while you are driving, relaying information in real time to the manufacturer or installer of the device. This can have enormous benefits to the driver - if a high-energy crash is detected, the unit can automatically alert the emergency services to your exact location, direction of travel and what type of car you are in. Some vehicles can also call a breakdown service to your exact location and provide a diagnostic of the error in advance of their arrival.
The more likely use in the near future for telematics in every car is related to insurance. Vehicle insurers will move more and more towards policies that reward how you drive – analysing data such as using your indicators before making a turn, sticking to the speed limit, how hard you accelerate or brake and even analysis that indicates if (and how often) you are driving while distracted. Young drivers may already be familiar with having a ‘black box’ fitted to their first car that relays how safely they drive. Drivers can earn reductions in their monthly premium for driving within certain standards.
In relation to commercial insurance - some Motor Fleet insurers are already taking advantage of easily integrated telematics systems in order to offer discounts if companies agree to install them, or as a condition of accepting an application that they would usually decline, for example where companies have a poor claims history. Using telematics in a commercial setting can not only help with insurance costs but also help maximise efficiency by analysing key information such as driver behaviour, vehicle location and times which can allow improved route planning and increase driver standards. Tools of this kind have previously only been available to top end businesses, with large vehicle numbers and paying high premiums. The progression of technology will push these offerings into the mainstream insurance markets as more and more insurers look for ways to reduce claim pay-outs and price their products more accurately relating to the risk being insured.
About Author Lifestyle Insurance :

We are a leading commercial fleet insurance Stockport UK. We supply the best motor trade car insurance policies from an extensive panel of insurance companies and at cheapest rates. For cheapest motor trade insurance Stockport UK, Call us at 01616413229 or more information please visit our website <a href="http://www.lifestyleinsurancebrokers.co.uk/" target="_blank">http://www.lifestyleinsurancebrokers.co.uk/</a>.


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Article Added on Wednesday, September 30, 2020
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