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Dash Cam Manufacturer Nextbase Set To Replicate Insurance Market Success In Us
UK's Leading Dash Cam Manufacturer Plans to Partner with US Insurance Agencies to Provide Inclusive Discount to Motorists
Dash Cams and insurance go hand in hand and many top US insurers already accept Dash Cam footage as part of their claims process. The cameras serve as independent witnesses for motorists in the event of a traffic incident, and by capturing the highest quality footage, the prolonged claims process for insurers can be sped up immensely, saving claims departments significant time and budgetary expenses.
Nextbase, a pioneer of what is now the fastest growing consumer technology category in the European market, was the first Dash Cam manufacturer to partner with insurance agencies in creating a 'Dash Cam discount', whereby consumers would have money deducted off of their insurance premium by using a Nextbase Dash Cam. Having bridged the gap between the two industries, all forty-one of the UK's top insurers now accept Dash Cam footage, with some even offering discounted 'Dash Cam inclusive' policies. This, in turn, encourages more drivers to sign up with said insurers – creating a mutually beneficial relationship.
Justifiably, there are numerous benefits for insurance companies with the use of Dash Cam footage. As recent statistics attributed to Nextbase show, in 38% of all split liability claims, video evidence would have changed the outcome to a non-fault. What's more, it was also found that insurers can resolve claims with Dash Cam footage up to 50% quicker than without, meaning that a vehicle can be back on the road much sooner than the average standard motor claim time of 248 days.
This, coupled with the fact that "crash for cash" (or fraudulent) incidents and insurance claims are on the rise, means that insurers are putting heightened emphasis on the importance of Dash Cams to stand as the most accurate source of evidence in the event of an incident. The Coalition Against Insurance Fraud (CAIF) found that roughly 35% of insurance companies say fraud costs them 5%-10% in claim volume, and more than 30% say fraud losses cost 10%-20% of their claim volume, with detecting fraud before claims are paid and upgrading analytics being named insurer's main fraud-fighting priorities.
Nextbase's inception of the Dash Cam policy began in 2014 with a partnership with Swiftcover UK (http://www.swiftcover.com/
Nextbase has since built on this movement, with multiple insurer discount partnerships in place, including targeting young drivers with MyFirst UK (https://myfirstuk.com/
This new approach to motor insurance in the US is where Nextbase will aim to claim its place in the market. By replicating its previous success and setting forward plans to partner with insurance agencies stateside, it will champion American drivers by helping them stay safe while saving money. At present time, no US insurer has yet to offer motorists a Dash Cam contingent discount on their policy, however many of the country's top agencies including State Farm, Nationwide, Progressive, Geico, All State and Liberty Mutual have unanimously confirmed that they accept Dash Cam footage for all new claims and moreover, highly encourage motorists to submit when applicable.
In the US alone, statistics show that over six million American's will be involved in a driving-related incident every year, with over three million sustaining an injury, and over two million of those drivers experiencing permanent injuries. Furthermore, recent studies by the National Highway Traffic Safety Administration (https://www.nhtsa.gov/)
Nextbase is set to launch in the US market in July, 2018, offering four of its highest-spec Dash Cam models, all of which include ground-breaking technology, available for purchase in retailers across the country and online.
Stay in the know with Nextbase for more information on their current products offered in the UK by visiting www.nextbase.com.