Auto insurance is one of the most expensive, and regular costs, of owning a car. While having insurance is a necessary aspect of owning a vehicle, spending a lot of money is not. It is well-known that advances in technology have helped to improve every aspect of life. But what may not be known, is the fact that some of these advances can be used to help lower the costs of car insurance. Here is a list of six innovations that will help you decrease the cost of your premiums.

Tracking Devices

Installing a car alarm does not eliminate the chances of car theft. However, installing a tracking device does insure a quick recovery should a theft happen. These systems also act as a deterrent to would-be thieves. Some tracking devices use a low-frequency transceiver that sends signals to police once the car is identified as stolen. Other systems use GPS tracking to recover the car. LoJack is one of several companies that provides a tracking and recovery system. Because of the deterrent factor and high-recovery rates, insurance companies provide discounts to customers with tracking devices. Depending on the insurance company and the state of the insured, the discount can range from 15 to 20 percent. (more…)