Personal Vehicles Could Have a Black Box Soon

http://www.tmcnet.com/topics/articles/2012/04/03/283586-personal-vehicles-could-have-black-box-soon.htm

A black box, something usually related to aircraft or boat safety, is well on its way towards cars and other personal vehicles, according to a recent study by Quote Me Today, and online site that offers lower insurance rates. These black boxes record everything a driver does, including where and when they are on the road, how fast they are going, and a myriad of other details.
Traditionally, they've been used to investigate potential accidents, but can also be used to collect data on how the trip has been, and the performance of whoever is at the commands. Now, it seems insurance companies are interested in using these to find out real world data on what your own performance can be behind the wheel.
Traditionally, insurance premiums are determined through a long series of risk analysis and historical data, since there's no direct way to see how dangerous a particular driver is, other than profiling him or her. But now, with the help of such a black box, these companies can get real data directly from the car of the insured person.
This use of telematics is fairly use is fairly new but may be the future of what drivers will have to deal with when looking for insurance coverage. Quote Me Today's survey shows that over 50 percent of their motor trader clients are thinking of moving to telematics insurance over the next 5 years. This is a very different way to deal with insurance premiums where your real world performance would be directly linked with the type of contract and payment plan you have.
These black boxes are already being made for today's cars, and can be attached to any model, gathering data and sending them off to the insurance company. It's still a fairly new model, but something that's sure to grow in popularity, with insurance premiums going up sharply over the last decade.
According to a Quote Me Today spokesman, "Telematics insurance could be an interesting lead for motorists in the future and for motor traders to factor in. Because it puts the responsibility back in the driver's hands, enabling policy holders to feel they have more control over costs. However, there are a few things to look out for to make sure that this is the right option for you first."
Quote Me Today is a Kent based broker of insurance companies, with years of experience offering competitive rates thanks to their relationships with many companies in the industry. In a field where competitive rates, risk knowledge and customer confidence are essential, the company offers these through a panel of insurers with a wealth of industry experience.