How Car Safety Features Can Impact Insurance Costs
John and Lisa are a hip and happy young couple who recently bought their first car. Although their car has a sleek, attention-grabbing futuristic design, they chose it over other models because it has the latest safety features, such as advanced safety features like automatic braking and lane departure alerts.
These features greatly reduce the frequency of accidents and lower their insurance premiums.
This article highlights key ways the safety features in a car impact insurance premiums:
The Role of Modern Car Safety Features: Expert Insights
The data is clear: safety features substantially influence how we drive and how often we get into accidents.
Modern safety technologies in cars include lane departure alerts that warn the driver when the vehicle unintentionally drifts out of its lane and automatic braking systems that detect potential collisions and apply the brakes automatically to prevent an accident.
Fundamentally, all auto manufacturers and car brands are working towards a future where driving is stress-free, and drivers feel safer because they know their cars have life-saving features.
Industry experts agree that modern safety features can lead to substantial savings on insurance costs. For example, according to a study by the Insurance Institute for Highway Safety (IIHS), cars equipped with automatic braking systems have a significantly lower rate of rear-end collisions.
Fewer accidents mean one major perk: lower insurance premiums. That’s why insurance companies will soon have to redo their math as advancing technologies drive costs down, a welcome trend for policyholders everywhere.
Additionally, since there’s a correlatable relationship between modern car safety features and lower accident rates, it’s easier for Evansville car crash lawyers to argue for adequate compensation after an auto accident involving a car with core safety features like built-in real-time event monitoring and recording.
Auto Safety Features and Their Impact on Insurance Premiums
Have you ever tried to insure an older, classic car?
If you have, you probably already know that insurance providers often shy away from ensuring such cars, and those that do usually attach high premiums. That’s because modern car safety features reduce the chances of fatal crashes.
Insurance companies determine premiums based on the risk of an accident and the potential cost of claims. In the eyes of insurance providers, cars with advanced safety features are low risk because these technologies help prevent accidents. Because cars with these advanced safety features are lower risk, many insurance providers respond by offering policyholders lower premiums.
For example, John and Lisa noticed a significant reduction in their insurance premium after mentioning their car’s safety features to their insurer. This is because the insurer recognizes that their car is less likely to get into an accident, which reduces the likelihood of costly claims.
Another key point to consider is how continuous advancements in safety technology further decrease the likelihood of accidents.
Have you ever backed into a parking spot, holding your breath as you edge past that one errant shopping cart?
Auto safety features like parking assist systems apply an additional protection layer for such instances, and that’s why auto insurers are usually eager to offer better premiums for modern cars.
Cars with technologies like adaptive headlights that rotate and sharpen their beams to banish blind spots also add another layer of protection, and insurance companies can confidently lower premiums for drivers who opt for vehicles with these advanced features.
Conclusion
If you buy a modern car loaded with safety features, your insurance costs will likely spin into reverse. With gadgets like lane departure alerts and automatic braking poised to intercede at key moments, drivers reap the benefits of lower premiums.
Picture this: you’re cruising down the highway, surrounded by technologies that drastically reduce the odds of an accident. Because of that added safety, you enjoy lower insurance premiums. Doesn’t that sound great?
