Did You Know? Installing a Dashcam Can Reduce Insurance Premiums!
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Installing a dashcam brings multiple benefits! Not only does it help record footage whilst driving, but it can also help reduce car insurance premiums.
Having a front-facing camera is considered another essential device for drivers. With the increasing number of road users, the chances of accidents have also risen. Importantly, we cannot predict when we will encounter an accident while driving. Installing a dashcam allows us to gather evidence for use in insurance claims or for legal purposes.
And in addition to recording footage while driving, it can also help reduce car insurance premiums. The Office of Insurance Commission (OIC) believes that having a front-facing camera promotes better traffic discipline among drivers. The camera serves as evidence to capture one's own driving behaviour.
Therefore, the Registrar issued a 'Registrar's Order' stating that for cars equipped with a front-facing camera, insurance companies should reduce the insurance premiums. This order has been effective since March 3, 2017, and onwards.
How Can I Reduce My Insurance Premium?
Simply presenting evidence that you have a car camera installed should entitle you to a discount from the insurance company. However, it must be a CCTV camera capable of recording videos and used specifically for vehicles, without any modifications.
How Much Can the Car Camera Reduce the Insurance Premium?
The insurance premium can be reduced by approximately 5-10% of the net price. Whether it is comprehensive insurance (first-class, second-class, or third-class), you can apply for a reduction in the insurance premium.
However, it is recommended to verify the information with the insurance company once again for accurate and precise information.
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