Car insurance companies in Europe that are looking for a way to work around the ban in Europe on charging different rates to male and female drivers are considering innovative new technology using black boxes that may completely change the way that auto insurance premiums are calculated. The largest automobile insurer in the United Kingdom, the Royal Bank of Scotland, is one of the companies currently investigating and testing the use of this technology, which uses a small device to monitor the way that customers use their vehicles so that…
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Hartford to test a new form of car policy in 2012
Hartford Financial Services Group has announced its intentions to begin a pilot program in 2012 for an auto insurance policy based on telematics. Hartford’s president of consumer markets, Andy Napoli made the announcement during the company’s investors meeting. The new policy will be using telematics. According to Napoli, using the “devices in insured vehicles to transmit information about driving behavior, such as miles driven, speed, acceleration, deceleration, and using that information to price the risk.” This pilot program will be known as TrueLane and will begin in the first half…
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