Car insurance doubled? Want to know where the money goes? Here’s the shocking truth | Mail Online
Sunday January 22, 2012 12:46 pm Leave a comment
interesting example of how Trusted Surveillance will benefit both Citizen and Commerce. The Insurance industry generally wil be both a major component and beneficiary of the TS system. Motor insurance provides a classic example. By offering substantial risk based discounts to those who routinely video their car journeys (as I do, currently, on an experimental basis trying to develop the protocols), they will incentivize punters – and lawyers – away from cheating.
The rule would be simple. If you drive a car fitted with TS and ensure that it’s always plugged in and working whenever you’re driving, and provide access to the relevant footage in the event of an accident or incident, the opportunities for fraud are dramatically reduced and the overall cost of insurance comes down, while their profits increase. Win win…
In the event of failure to record (negligent rather than technical) or unwillingness to produce the footage, the insurance would still protect you but they’d be entitled to charge a punitive excess fee (or let you drop the claim).