SAN FRANCISCO (KCBS) — New cars have many more safety features than models from even four or five years ago, but those slick new devices won’t get you much of a break on the price of your auto insurance.
Traditionally, our car insurance rates have been based on risk. So you’d think insurers would give us a break for technology that, presumably, will lower our risk of wrecking.
“Whether it be rear backup cameras, blind spot monitoring, any collision preparation systems, or anything like that really don’t move the meter,” Neil Richardson, a licensed insurance agent and consumer advisor at The Zebra, an insurance comparison website, told KCBS.
Their new study reveals drivers using vehicle safety and security technology save less than 1% on their insurance. 17 states show no savings at all. There are a couple of things that will save you money, but they’re not new.
“There’s an alarm discount, so either a passive, or an active anti-theft device, and then electronic stability control,” Richardson said.
Richardson says insurance companies are slow to acknowledge new developments.
Once newer safety features have been around a while and become more widely adopted, we may begin to get a bit of a break.