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Insurance companies around the world are promising lower rates on car coverage. The catch is they want to install the equivalent of an airplanes black box to track how and where you drive.

The benefits of telematics-based auto-insurance products could go beyond better risk selection and pricing, and could include better fraud detection and the ability to provide feedback to consumers on CO2 emissions, fuel consumption and other factors that may lower the cost of driving, according to a Celent report.