The way motorbike insurance works has remained largely unchanged for a number of years. Insurance contracts are calculated taking into consideration age, gender, the type of motorbike, rising experience, no claims bonus and address.
At Carole Nash, we use this information to find the best motorbike insurance deal for our customers.
However, could smart technology affect insurance costs in the future?
A Taiwan-based company called Jarvish are currently building smart helmets which they think will transform the motorbike insurance industry, and in turn, have an effect on policy prices.
The smart motorcycle helmets will contain sensors which measure rider behaviour. The sensors can track:
- How hard a biker brakes
- How tight they take corners
- When and where they travel
- Traffic conditions
Jarvish co-founder and chief technology officer, Younger Liang said of the helmets:
“If we can monitor the rider and understand the behavior, we can evaluate the risk. If you can rank the risk, you can score accordingly to give the user a different pricing proposal.”
Other features that have been approved for the helmet include:
- voice command Bluetooth entertainment system linked to drivers’ smartphones
- audio navigation to help keep riders focused on the road
- pre-installed camera for event recording
Younger Liang has said that the aim of the helmet is to not only revolutionise the way motorbike insurance is calculated, but to increase safety on the roads.