Advertorial
‘Black box’ technology could drive down car insurance costs
The Department for Transport (DfT) has said it will work together with the motor industry in a bid to drive down the number of fraudulent claims for whiplash and other injuries, which would reduce the overall cost of car insurance from providers like Staveley Head. In its response to a report by the Transport Select Committee, the DfT said it will support the use of telematics - "black box" technology that provides additional data on crashes for insurers and police - to make insurance fairer and drive down the cost of premiums.
Telematics not only helps to determine the causes of accidents, ensuring more accurate insurance payouts, but can also be used to reduce the cost of policies on an individual basis. By monitoring driver behaviour, such as braking, acceleration, cornering and speed, these systems can demonstrate to insurers that some customers are more careful drivers than others.
The DfT response also supported a ban on referral fees in personal injury cases, saying the government is "concerned with the issue of personal injury claimants being actively encouraged to pursue their claims for compensation". It is hoped that the regulatory ban will prevent solicitors and claims management companies from paying, and insurers from receiving referral fees after accidents. This is expected to cut off the source of funding for other players in this dubious market, such as repair garages and credit hire services.
"The cost of insurance is an important issue with significant economic and social impacts for all motorists, especially for young drivers," said the DfT response.
Further plans include giving insurance companies access to the DVLA driver record database, allowing them to check the details given by motorists applying for cover, in an attempt to curb fraud and give insurers more information on their customers. The insurance industry itself will contribute £1 million to the cost of the scheme, which is expected to be in place by 2014.
Latest related news
SPAIN: Ford strongly backs Transit state aid request as EC launches probe
Ford has strongly rebuffed questioning from the European Commission (EC) as to whether Spanish plans to grant state aid for its Valencia project are against regulations.
US: NHTSA releases guidelines to minimise in-vehicle distractions
US transportation secretary Ray LaHood has released distraction guidelines that encourage automobile manufacturers to limit the distraction risk connected to electronic devices built into their vehicles, such as communications, entertainment and navigation devices.
INDIA: India to allow imports of 250,000 EU cars at 10% tariff
India is moving towards allowing imports of at least 250,000 cars from the EU at a concessional tariff of 10%. At present, European automakers have to pay 100% customs duty on vehicles that cost more than US$40,000.
INDIA: Japanese automakers seek concessions similar to those proposed for EU companies
Japanese automakers want India to provide concessions like the ones it is preparing to offer European companies.
BELGIUM: ACEA voices reservations on EU-Japan free trade
The European carmakers' trade body ACEA has said that it wants Japan to eliminate non-tariff barriers to trade in cars before any agreement on EU-Japan free trade. It also said that regulatory vehicle standards in Japan should be harmonised in line with EU standards.
Latest related market research
NEW 182-page report covers 10 years of key industry-wide statistics. PLUS supply chain analysis of 125 upstream and 348 downstream industries. INSIGHT into 172 countries US exported to and 104 countries US imported from. May 2013 release with latest forecast based on current economic conditions.
Published: May, 2013 | Price: $ 599.00 | Read more >
Global market review of starter motors and alternators - forecasts to 2027
This greatly expanded latest version of the popular just-auto report provides a comprehensive overview of the global automotive starter motor and alternator sector, major suppliers, top 14 markets, technology trends and market size forecasts out to 2027. Use this report to gain a quick overview of the sector globally, prepare supply and demand forecasts, understand the size and scope of the top 14 markets and produce internal sales plans and forecasts.
Published: May, 2013 | Price: $ 1800.00 | Read more >
QUBE starter motors and alternators intelligence service (annual subscription)
This online, real-time intelligence service provides a year’s subscription to QUBE - a continually-updated database of analysis and data on the global automotive starter motor and alternator sector, major suppliers, top 14 markets, technology trends and market size forecasts out to 2027. Use this service to gain an understanding of the automotive starter motor and alternator sector globally, prepare supply and demand forecasts, understand the size and scope of the top 14 markets, stay informed of changes in the industry and produce internal sales plans and forecasts.
Published: May, 2013 | Price: $ 1800.00 | Read more >
