Anti-Theft Devices Mean Big Insurance Savings
According to a recent report published by Clearsurance.com, car insurance policyholders can save 25% on their premiums with anti-theft discounts.
These anti-theft devices, which qualify policyholders for discounts, can be installed in a vehicle by the manufacturer or purchased and installed by car owners.
Anti-Theft Equipment for Car Insurance
There are many types of nati-theft equipment, but Clearsurance.com lists these as some of the most popular:
- Steering Wheel Locks
- GPS Tracking Systems
- Car Alarm Systems
- VIN Etching
- Smart Keys & Immobilizers
Almost any vehicle can be equipped with some of these anti-theft measures, but many new cars come equipped with even more advanced features, including cameras and sensors.
Not all equipment advertised as anti-theft will guarantee a car insurance discount. Not all providers offer discounts, and not all devices qualify for a discount. Before investing in anti-theft equipment, vehicle owners should contact their insurance provider to determine which devices are eligible for a discount.
With higher insurance rates, some drivers may be tempted to drive without insurance. That is not recommended as it’s illegal and it puts the driver at risk of paying expensive liability settlements out of pocket. Qualifying for an anti-theft discount can help drivers afford the insurance they need to drive legally and safely.
Qualifying for Anti-Theft Insurance Discounts
If a vehicle is manufactured with anti-theft technology, policyholders can check with their insurer to see if an anti-theft discount has been applied. Sometimes, insurers will apply the discount automatically because they are familiar with the technology.
If a vehicle owner has installed anti-theft equipment themselves, they can inform their insurer and send proof. As long as the equipment meets the insurer’s requirements, the discount can then be applied to their premiums.
Comparing car insurance quotes allows policyholders to see what discounts other providers offer. With insurance premiums increasing each year, it’s even more beneficial to take advantage of discounts whenever possible.
Stacking Other Discounts with Anti-Theft
Vehicle owners can save even more when they stack anti-theft discounts with other discounts.
Some of the most popular discounts are as follows:
- Bundling
- Claims-Free
- Low Mileage
- Military
- Usage-Based
Some drivers can save 50% on premiums when they stack discounts.
Usage-based discounts can help drivers save up to 40% on premiums. These discounts are based on driving habits. The policyholder grants access to data related to driving, and the insurance company uses this information to formulate rates that reflect the risk. Safer drivers typically pay lower premiums, while those who engage in riskier driving habits pay higher premiums.
Stolen Car Statistics
Some vehicles are more likely to be stolen than others. When vehicle owners insure one of the cars that’s more likely to be stolen, insurers charge higher premiums for comprehensive coverage.
The more a driver pays for insurance, the greater the difference that a discount will make. Melanie Musson, a car insurance expert with Clearsurance.com, urges drivers to “look up theft rates for the vehicles they own, and if their vehicle has a high theft rate, they should consider adding anti-theft measures to lower risk and insurance rates.”
Most Effective Anti-Theft Devices
Vehicles equipped with a passive disabling device typically qualify for the highest available discount for anti-theft devices. These devices enable vehicle owners to remotely disable their cars.
If someone steals the vehicle, the owner can turn it off immediately upon realizing that the car is gone. If the vehicle is also equipped with a GPS tracker, law enforcement will have a significantly higher chance of recovering it.
Recovering the vehicle reduces the risk for the insurance company to pay a claim, so they offer a discount for that significantly reduced risk.
Read Clearsurance.com’s entire report here: Best Anti-Theft Car Insurance Discounts (Save up to 25%)