Should You Inform Insurance Companies About Dashcams?
You should inform your insurance company about the purchase of a dashcam. There are several reasons for it.
1. Your insurance will be at cheaper rates. For example, Progressive Insurance has an optional policy that covers dash cams for $15 per month if your vehicle is vandalized or damaged due to a car collision.
2. You will get a discount on your premium or even no premium at all. As per law, dashcams are primarily used for validating the cause of collisions on the road. You can use it to prove your innocence during a collision.
3. Your insurance company will be able to provide better coverage. Having a dashcam fitted on your car can help the insurers and the police validate the accident’s cause. This will help in identifying who is at fault during a collision.
Major Insurance Companies for Dashcams
As mentioned earlier, most insurance companies offer special policies covering dashcams; this means that you can save some money by informing your insurance company about the purchase. Furthermore, most insurance companies offer free coverage for the first 30 days after you buy a device. Most popular insurance companies for dashcams include
1. Progressive Insurance
3. State Farm
5. Farmers Insurance Group
6. Encompass Insurance Services, Inc.
7. Alstate Insurance Companies LLC.
Policies and Reimbursements Managed by Insurance Companies
First, insurance companies have different policies that cover dashcams used for various reasons. The policies are:
1. Traffic Camera Coverage
This coverage is applied to traffic disruptions. The insurance company will cover your citations and fines for any traffic violations captured using the dashcam.
2. Vehicle Security Camera Coverage
This coverage entails the costs incurred during an accident or a vandalization of your vehicle while deployed. This includes surveillance, repairs, and loss of use. The insurance company will cover up to $100,000 worth of damage and $50,000 for personal injury.
3. Personal Injury Security Camera Coverage
This coverage applies to videos gathered throughout the duration of your dashcam usage. The insurance company will cover video evidence from a dashcam that shows you making an unsafe maneuver or driving aggressively. This covers up to $100,000 worth of damages and $50,000 for personal injury.
4. Extra Expense Coverage
If your dashcam is stolen or damaged, you will be compensated. The reimbursement can go up to $1,000. This coverage is not available in every state, though.
5. Power Surge Coverage
This type of insurance can cover the cost of the replacement and repair of your dashcam due to power surges or lightning strikes. The insurance includes $5,000 worth of coverage.
The Cost of Dashcams
The cost of dashcams varies on their types and other factors, which include
1. Wireless dashcams: $80 to $100
2. Wired dashcams: around $100 to $200
3. Action cameras and hybrid car cameras: The cost of these types of dash cams is usually around $100 to $300.
4. Small camera with a small memory card (micro SD): This camera costs around $20 to $30.
5. Car DVR or “GarageCam”: These cameras are cheaper than wireless cameras and can be found at different retail stores, including Walmart, Best Buy, Target, etc. The cost of these devices is $50 to $100.
6. Three-In-One Dash Cam: The cost of this camera is around $200 to $300.
7. Larger three-in-one dashcam: This dashcam has a large memory capacity. The cost of this device is usually between $300 to $600.
8. Digital video recorder: The cost of this type of dashcam is around $75 to $100.
9. Digital video recorder with GPS: This type of dashcam has a built-in GPS system. The cost of this device is usually around $150 to $300.
10. 1080p dashcams: The cost of the dashcam is $200 to $300.
Dashcams are a must-have device for any vehicle. They can aid in capturing essential shots from an accident or acts of theft or vandalism for legal proceedings or insurance claims. The insurance company would be able to validate the claim using your dashcam. You can get some of the best dashcams at retail stores or online. You should also note that some insurance companies provide discounts for vehicles with dashcams. You can get more details about the policies of insurance companies from their official websites.