Commercial product and service producer for the monitoring, tracking, and reporting of high-value assets, NavStar Technologies, Inc., has announced the development of a new hardware platform that is designed to address the monitoring and tracking needs of several segments of the insurance marketplace – primarily for automobile insurers.
The company will be leveraging this new product to provide the auto insurance industry with a solution with an ultra-low cost in order to help recover some of the over 700,000 vehicles that are reported as stolen every year in the US, according to figures from the FBI. Reports from the FBI have shown that every 43 seconds, another vehicle is stolen in the United States. They have estimated that the value of the stolen vehicles in the country totals almost $4.5 billion.
According to the NavStar Technologies CEO and chairman, N. Douglas Pritt, car leasing companies and insurers are very interested in being able to install a device similar to a black box, that would be able to provide assistance in the event of a vehicle theft. He added that this has not been possible in the past because there was no affordable solution available.
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Pritt went on to say that “Our technology hardware platform is being designed with hardware flexibility and software features that satisfy this specific market.” He also said that in the American auto marketplace, the J1962 (OBD2) passenger vehicle interface will be included in the vehicles to allow access to the standard bus system for that car. It will be fitted with a backup battery that is rechargeable, so that even if the vehicle’s power cable is cut, it will still be possible to locate it for up to 48 additional hours.
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