A good hack to bring your car insurance premiums down

You may already have what you need to bring your car insurance premiums down an average of 4.15 per cent.

Usually, small black boxes are associated with expensive rings, but what if one that many drivers already have could be saving you money instead? Car insurance comparison website Compare the Market (where I am Economic Director) has found that 20 per cent of car insurers offer discounts to drivers who have a dashcam installed in their car.

The average discount from these insurers, based on 36 individual quotes, was 4.15 per cent 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 per cent off their premium. Victorians get a more modest saving of 3.97 per cent, while New South Wales drivers get an average discount of 3.84 per cent. But the exact rate will depend on your policy.

Source: Compare the Market

This little tip could be another way for you to claw back some cash amid the cost-of-living crisis.

Make the call

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. As I always say, people shouldn’t just accept a bill, or renewal notice lying down. Scrutinise all your bills and take action if you see a better deal out there.

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, run a comparison to find insurers that do and see if you can find a better deal.

The good thing about dashcams is they’re 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.

Drivers are able to buy dashcams for as little as $14 online, while more complex dashcams with greater resolution come with a much higher price tag.

At the end of the day, it’s a small investment that offers you savings, as well as peace of mind for anything that may happen in the future.

Get Kochie’s weekly newsletter delivered straight to your inbox! Follow Your Money & Your Life on Facebook, Twitter and Instagram.

Read this next:

Dropping your car insurance cover could potentially put you at risk