Speed Limiters: Smart Tech that lowers your insurance premiums

Car insurance is a big bone of contention for most motorists in Nigeria and around the World. Despite the introduction of premium-reducing strategies and even more compelling competitive rates being charged by insurance firms, Federal Road Safety measures on accidents etc, a larger percentage of the country’s population still shy away from insurance.

There are various ways to help curb that rate of increase, however, and having a SPEED LIMIT DEVICE on your car is one of them.

The FRSC Nigeria has taken measures to ensure that vehicle plying the roads are safe and comply to speed limits, hence the introduction of speed limiters on April 1, 2016.

This innovaton will go a long way in reducing insurance premiums charged by insurance companies becauseone of the major determinants of premium rating is the type of vehicle involved and speeding capacity is taken into consideration in this regard.
The reduction comes because speed limiters are proven to reduce accident rates, which can in turn be passed on to the customer through a reduction in their insurance premium.

Many commercial vehicles all over the globe are fitted with speed limiters to help improve safety. The Federal Motor Carrier Safety Administration in America recently analysed 138,000 individual truck crashes and found that wagons fitted with a limiter were “significantly less likely to crash than those without an SL.”

A significant proportion of lorries and vans in the UK are fitted with velocity limiting devices by law to help reduce crash risks.

With haulage businesses running fleets that travel millions of miles per year collectively, a governed maximum speed can help keep insurance costs down. This evidence proves how it could also benefit the average car driver too.

Vehicle electronics specialists Cobra highlight that many vehicles burn 25% more fuel at 80mph v 70mph. If, hypothetically, your vehicle was limited to the national speed limit, it could cut your fuel bills by up to one quarter if you mostly travel on motorways and dual carriageways.

Then there’s the legal aspect. Setting your car’s maximum velocity at a level that can’t see you prosecuted for speeding has to reduce your insurance risk as well. Not only that, but it means your licence is safe from possible momentary lapses of concentration that could see you stray over the legal limit.

Verdict

Speed limiters are a controversial addition for many motorists who value the freedom of unrestricted motoring. There are proven benefits to fitting them though, not least the carrot of cheaper car insurance. Could this be enough to see them voluntarily taken up in Nigeria?

 

FOR YOUR SPEED LIMIT AND TRACKING DEVICES:

CALL BSMNG (Bolaji) 08075270858

Source: Insuranceblitz