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Rc cars, black box: how it affects prices, premiums and rates

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The spread of the black box, now adopted by more than 20% of insured motorists, “contributed to the reduction in the prices of” TPL auto insurance, “by encouraging the adoption of responsible driving behaviors: all other observable risk factors being equal , it is estimated that the black box reduces claims by about 20 percent, thus making it possible to apply lower rates for those who adopt it. Luigi Federico Signorini, president of Ivass, said this in the course of his final considerations on the work of the supervisory authority in 2021. “However, the apparent emergence of pricing strategies that leverage on elements of ‘lock in’ inherent in the current application structure. Given the substantial non-transferability between one company and another of the data on driving habits – explained Signorini – for the insured who adopts the black box, the probability of changing at the expiration of the contract, the company is reduced, ceteris paribus, by about 60 per cent, mitigating the competitive pressure “.” Our estimates based on a sample of about 4 million contracts – added the president of Ivass – seem to indicate that the higher retention rate of customers with black boxes facilitates the adoption by companies of pricing strategies based on the increase of the premium as the years of per manence. A similar phenomenon (known as price walking) is attracting attention at European level “with Eiopa” and in the United Kingdom “.

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