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By Greg Bartlett

Most people who buy GPS trackers for their property and assets will often consider the cost a bit of personal insurance. The technology can certainly help protect or recover items in case of loss or theft. Investment in a GPS tracker can seem small in comparison to the cost of losing a vehicle or other valuable property. Yet what if purchasing and installing GPS tracking technology could also save you money on your monthly insurance premiums?

GPS Tracking & Insurance

Fact is, it can. Insurance companies recognize GPS trackers as simple yet effective way of safeguarding all sorts of property, so they’re willing to make it worth your while to give them a little more peace of mind. To them, it’s all about statistics, and GPS trackers will lower the odds of costly property loss.

The benefits among auto insurance providers may vary. Liberty Mutual is one of the biggest discounters, offering up to 25% off regular comprehensive monthly premiums to GPS users. Other insurance companies like AAA, Progressive, and Geico offer up to 18%, 15%, and 10% off respectively. Some companies have different discounts or requirements in different states, so call your agent and ask what benefits apply to your situation. If you’re a company managing an entire fleet of vehicles, GPS tracking will certainly net you a higher gain than an individual vehicle policy. If you’re a parent stressing over your newly licensed teen, there’s likely some discounts to be had there, as well. A few years ago, AIG began a program offering a particularly high discount to teen drivers who were willing to be tracked by their parents. Again, be sure to check out these discounts if you’re not already familiar with them. Don’t doubt that there’s one out there for you-about a dozen states (note: pdf link) have passed laws requiring insurance companies to offer incentives to drivers who purchase anti-theft devices like GPS trackers.

GPS trackers can also save you money indirectly. Most insurance companies have low mileage discounts for infrequent drivers, so a data sheet generated by your car’s GPS tracker can be a quick and simple way to show how much you’ve travelled during any relevant period of time. On a similar note, if you itemize your tax deductions, a GPS tracker is a great way to prove your low mileage at the end of every year to the IRS.

Even without the benefit of lower monthly premiums, GPS trackers pay for themselves by providing security and peace of mind. And if they can save you a few extra bucks as well, what’s keeping you from picking one up?