Consumers Reject Monitoring Devices Even For Insurance Discounts

Consumers are wary of monitoring devices that could lower their insurance rates, according to a survey from Policygenius, conducted by Google Surveys. 

Of those polled, 68% will not install an app that collects driving behavior or location data for any size insurance discount -- up from 58% in 2021. And of those that would install one, 67% would do so only if their rates were lowered by more than half.

In addition, 65% of Americans say no discount is worth installing a smart-home device like a doorbell camera, water sensor, or smart thermostat, if they share data with their insurance companies, versus 57% in 2021. 

In another finding, 68% would not install a live dashboard camera for any insurance discount amount. And of those that would, 74% would want to see their bill cut by at least half.

In addition, 77% would not install a smart doorbell camera that shares facial-recognition data with third parties for any home or renters' insurance discount amount, rising from 67% in 2021. 

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Again, of the 23% who would install a camera, 68% of people would proceed only if the cost of their home insurance was reduced by at least half. 

And, of the 35% of homeowners and renters willing to install smart home devices,  69% would  want a discount of half their bill or more.

Policygenius commissioned Google Surveys to poll 1,500 U.S. home, auto, or renters insurance policyholders ages 25 and older, from July 18, 2022 to August 10, 2022.

 

 

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