Your car’s connectivity, and how you drive, could impact on your insurance premiums in the future – according to senior Renault connectivity guru, Benoit Joly.
With modern cars increasingly connected to the outside world and sending and receiving live updates to and from any number of sources, Joly believes insurance companies could offer lower premiums to those drivers who agree to share their driving data with them.
The premise is simple: drive within the rules and regulations of the local road laws, and pay less for your insurance; or, drive like a hoon and you will be hit with higher premiums. But before you go all ‘Big Brother’, remember you have to agree to allow companies to access this data.
“We are working with insurance companies, because the data that we get from the driving of a user, if a user accept to share it with the insurance company, they can get a rebate because they are driving well,” Joly told CarAdvice at the Paris motor show this week.
Joly added the system, despite being embryonic technology, was starting to gain traction in Europe. But, he stressed, car owners have to agree to share the data with their insurance provider.
This technology is already being used in the health insurance system, with users who agree to allow access to data collected by their smart watches, such as Apple Watch, can receive rebates on their premiums according to the level of exercise they undertake.
Likewise, some car insurers are now offering devices that plug in to your vehicle’s OBD port – normally used to connect with the vehicle’s onboard electronics. The device monitors speed, distance travelled and instances of heavy braking. Keep all of that under control, and your good report card can have a positive influence on your insurance costs.