With insurance prices increasing the savings you can achieve on your vehicle insurance with an approved tracker, such as those from ScorpionTrack, can vary widely based on several factors, including the type of vehicle, its value, the insurer, and the specific insurance policy. Here are some general points to consider.
Risk Reduction
Insurance companies often view vehicles with approved tracking devices as lower risk, mainly because these devices can significantly increase the chances of recovering a vehicle if it is stolen. This risk reduction is typically reflected in lower premiums.
Insurance Company Partnerships
Some tracking device companies may have partnerships with insurance companies, which can lead to more substantial discounts for users of their tracking systems.
Type of Tracker
The level of technology in the tracker also matters. More sophisticated systems that offer features like real-time tracking, geofencing, and driver behaviour monitoring may lead to higher discounts compared to basic models.
Vehicle Type and Value
High-value vehicles, such as luxury cars or vehicles that are commonly targeted by thieves, tend to benefit more from the installation of trackers in terms of insurance savings. Insurers are likely to offer more substantial discounts for these vehicles as the potential loss is greater.
Insurance Provider Policies
Different insurers have different policies regarding tracking devices. Some might offer a flat percentage discount on premiums for vehicles fitted with approved trackers, while others may adjust the discount based on the specifics of the situation or the history of the driver.
Potential Savings
Typically, installing an approved tracker can result in insurance savings ranging from 5% to 25%. In some cases, especially for high-value or high-risk vehicles, the savings could be even greater.
It’s advisable to contact your insurance provider to discuss the exact savings you could expect by installing an approved tracker like those from ScorpionTrack. They will be able to provide the most accurate estimate based on your specific circumstances and policy.
