$260 Insurance savings. WOW!!

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Chet18013

Chet18013

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Joined
Mar 5, 2005
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Full time in RV. Home is where we are parked
I contacted my insurance agent (Epic Insurance, Sioux Falls, SD) and ask if an always on, GPS vehicle tracking system like this:

https://www.youtube.com/watch?v=mp_1QJUBTdw

would give me any reduction in my insurance cost for the coach. She got back to me and said that the always on GPS tracking would give me a $260 savings. Needless to say I've  ordered the system and it will be installed and hard wired into the coach this week.

 
Chet18013 said:
No installation cost. Just connect it to a always hot power source and tuck it away in a cabinet.
Click to expand...

Cool, I think I want something like that, did you try it? Does it work the way they advertise?

Any other cost than the device itself?
 
That's a significant savings! congrats!
I'm trying to figure out what the insurance company potentially stands to gain by the installation of this device. In other words, how is their risk of paying for a loss being reduced by a GPS system?
Not trying to be crotchety or argumentative. I'm all for discounts!
I'm just trying to understand their logic.
 
My guess would be that if you know your insurance company is tracking you by GPS, you are more likely to think about what you are doing when you are driving such as; paying better attention to your speed.
 
With a tracking device, police should be able to locate the vehicle quicker. With any luck, it gets recovered before it goes missing forever or get's wrecked. Insurance company pays $5k to fix partial damage instead of $100k for a total theft.
 
Paul & Ann said:
My guess would be that if you know your insurance company is tracking you by GPS, you are more likely to think about what you are doing when you are driving such as; paying better attention to your speed.
Click to expand...

Ahh.. That makes sense, but I was under the impression (from the OP's link) this was not linked directly to the insurer.
 
As I understand it the unit that State Farm uses monitors your speed, and the accelerometer monitors how fast you start off at a stop sign, how quickly/hard you brake, and how fast you take corners. It also tracks your location so it knows where you park at night. When I looked into the system, you paid for the device, you paid for the service and the insurance company got the information. You were not entitled to the information given to the insurance company. So you really had no idea what the company was looking at when they set your rates and had no avenue to dispute any of their information. The insurance company would not disclose what they looked at, what discounts would be applied for certain driving habits, or anything else. It was all a crapshoot, pay the money and hope that it would get you a discount. I decided that if they weren't going to share any information that I wouldn't participate.

KEn
 
BinaryBob said:
Ahh.. That makes sense, but I was under the impression (from the OP's link) this was not linked directly to the insurer.
Click to expand...

If you look at their website it states that you use your own phone to track the location, the insurance company is not involved but receiving a saving on your premium is a good thing!

bucks2 said:
As I understand it the unit that State Farm uses monitors your speed, and the accelerometer monitors how fast you start off at a stop sign, how quickly/hard you brake, and how fast you take corners. It also tracks your location so it knows where you park at night. When I looked into the system, you paid for the device, you paid for the service and the insurance company got the information. You were not entitled to the information given to the insurance company. So you really had no idea what the company was looking at when they set your rates and had no avenue to dispute any of their information. The insurance company would not disclose what they looked at, what discounts would be applied for certain driving habits, or anything else. It was all a crapshoot, pay the money and hope that it would get you a discount. I decided that if they weren't going to share any information that I wouldn't participate.

KEn
Click to expand...

Progressive has the same thing, you get a discount when you behave or a surcharge when driving like crazy. You can try it for free 30 days and then decide to keep it (also free) and enroll in their program that will take 6 months or send it back without discount/surcharge. Also when you send it back they will not use the collected data against you. Somewhere online I read that most people who drive responsible get 10% discount, not close to the 30% they advertise.


 
Many companies have jumped on that bandwagon!! I have one in my car as well and did see a reduction in insurance cost this year as a result. The insurance company collects this data via a cell phone connection daily and I can monitor my results via the insurance company's web site. They monitor fast take-offs, aggressive stops, total miles driven, travel times (ie low/high risk hours) and speeds. My current savings are 16%, or so they claim. Currently, hard braking is the big factor in my case!!!

The company running this system here in Quebec, Canada is Ajusto and they are used by quite a few different companies. Judging from last winters snowbird experience, they cannot (yet) pick up my day to day data once in USA (because of the cell phone system, I suppose) but of course they do collect the total mileage once back in range.
 
Sounds like too much "Big Brother" for me.  I wonder how long it will be before these devices will be mandatory in order to get insurance?
 
<<<<They monitor fast take-offs, aggressive stops, total miles driven, travel times (ie low/high risk hours) and speeds.>>>>

Sounds like a perfect program for a motorhome.
Low miles and low speeds. Plus you're not exactly burning rubber out of the gate..
 
Paul & Ann said:
Sounds like too much "Big Brother" for me.  I wonder how long it will be before these devices will be mandatory in order to get insurance?
Click to expand...

I hear ya Paul.. but it seems the insurer is not really interested in where you are, but only the manner in which you're operating the vehicle.
 
Driving in Texas metro regions you will get in an accident if you don't gun it when merging or turning! If you wait for a big enough break in traffic you might encounter road rage!
Why self incriminate?

Bill
 
To get back to the OPs comment, I also see this tracking gadget as a good way to find back your motor-home after a day of wandering around and finding the shortest route home.

I wonder f it can be used to show family where your are? Oh wait maybe I don't want them to know that ;)
 
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