Usually, small black boxes are associated with expensive rings, but what if this one, one that many drivers already have, could be saving you money instead? Car insurance comparison website, Compare the Market, has crunched the numbers, and found that 20% car insurers reviewed, offer discounts to drivers who have a dashcam installed within their car.
The average discount from these insurers, based on 36 individual quotes, was 4.15% when compared to the same make and model car without a dashcam.* The research also found that of those insurers that offer a discount for installed dashcams, Queenslanders get the biggest discount on average at 4.65% off their premium. Victorians get a more modest saving of 3.97%, while New South Wales drivers get an average discount of 3.84%. However, the exact rate will depend on the individual’s policy.
| State | Average discount on a comprehensive policy with a dashcam vs one without |
| Queensland | 4.65% |
| Victoria | 3.97% |
| New South Wales | 3.84% |
| Average across all three states | 4.15% |
Compare the Market’s economic director, David Koch, said that this little tip could be another way for households, to claw back a little cash into their pocket amid the cost-of-living crisis.
“It’s incredible to think that such a small item that many people already have could be saving you money on car insurance in the long term,” Mr Koch said. “As I always say, people shouldn’t just accept a bill, or renewal notice lying down. People should scrutinise all their bills and take action if they see a better deal out there. In this case, we’ve found that some insurers indeed offer lower premiums if you have a dashcam installed.
“All it takes is for people to give their insurance company a quick call to see if they offer a discount for having a dashcam. If they don’t, people shouldn’t just settle. They should compare to see what other options may be out there and insurers that provide a discount for having dashcams installed.
“Additionally, people may be able to find even greater savings on their car insurance by looking at what’s on offer on the market and finding a policy that may suit their current needs better.
“The good thing about dashcams is that they’re also not a one-trick pony. Not only do some insurers consider dashcams a safety feature, but they can also be a great reference point to fall back on if you ever need to claim. By having a perfect recount of a potential accident or incident, you may be able to prove that you’re not at fault in more complex cases.
“At the end of the day, it’s a small investment in dashcams that can offer people some savings, as well as peace of mind for anything that may happen in the future.”
Mr Koch’s assessment is not all that far from the truth. Further research from Compare the Market has found that drivers are able to buy dashcams for as little as $14 online, while more complex and greater resolution dashcams can come at a much greater price tag.
“It’s all about working with what’s in your budget,” Mr Koch said. “Even if you invest in a simple dashcam today, say at $20 dollars, you would still have around an extra $20 in your bank account if you took out a new policy, that was previously costing you $1,000.”
“It all comes down to shopping around and finding a policy that suits your current needs. Something that may have been perfect for you a few years ago might no longer fit with your lifestyle now. We all know that it’s been a wild couple of years.”
* Quotes based on a 2019 Toyota Corolla ZR Hybrid Auto owned by either a 30-year-old or 50-year-old female residing in the city centre of each capital city of Queensland, New South Wales and Victoria, who owns a home and has had comprehensive car insurance in the past 12 months. The driver has a rating 1 NCD, with all policies including a 30+ years age restriction on drivers. The car is parked in a garage and drives up to 15,000km in a year, with no damage, no finance, no modification and no dealer options. The policy has a $750 excess. Prices are accurate as at 6th Feb 2024.
-ENDS-
For interviews and more information, please contact:
Noémi Hadnagy | m: 0433 377 252 | e: [email protected]
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.
