Usage-based auto insurance comes to China

auto insurance ride share

Lichengbao releases China’s first usage-based auto insurance product Auto data company Lichengbao has launched a new usage-based auto insurance product in China, which is the first of its kind in the country. The company has partnered with several smaller insurers to make this possible, aiming to provide drivers with a way to save money on auto insurance coverage. Usage-based insurance has been gaining popularity in China, largely due to the fact that drivers in large cities only use their vehicles sparingly. 40% of consumers in China drive less than 15,000…

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Progressive to launch new app to help drivers save money on auto insurance

usage based insurance dashboard

New app will work in tandem with insurer’s Snapshot program Progressive Insurance has begun developing a new pilot mobile application that may allow drivers to earn discounts on their auto insurance coverage. The insurer has chosen Censio to develop the software for the new mobile application, which will be based on Progressive’s usage-based insurance program, called Snapshot. This type of insurance coverage is becoming more popular among consumers, especially as they look for ways to save money on the coverage they have. Usage-based auto insurance continues to attract more interest…

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Allstate Insurance Drivewise telematics app receives upgrade

allstate auto insurance

The usage based auto insurance program offered by the insurer is rewarding safer drivers. Allstate Insurance is now adding a new upgrade to the app for its Drivewise® Mobile in order to be able to enhance the experience for drivers who are looking to save money based on their safe habits behind the wheel. This new version of the usage based insurance app is meant to boost the incentive for safe driving. The smartphone app from Allstate Insurance has already been winning awards and is now offering drivers a new…

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Usage based technology may become mandatory in auto insurance

usage based insurance

These wireless device based “pay as you drive” policies are rapidly evolving and are becoming more popular. Usage based technology is becoming increasingly popular in auto insurance, as a growing number of insurers start to offer policies that use these wireless telematics devices and a larger number of motorists sign up for these programs in the hopes of qualifying for lower rates. Many are now predicting that in ten years from now, these policies will be the norm. In fact, some have forecasted that usage based technology will become nearly…

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Usage based insurance is already going mainstream

usage based insurance

This type of auto policy has started to become one of the standard offerings of many insurers. Though the potential benefits of usage based insurance have been clear for some time, this new technology based version of auto coverage has always represented an extremely small percentage of the offerings from insurers. This trend is starting to change as the tech is picked up by a growing number of insurers. Moreover, as more auto insurance companies offer these products in a larger number of locations, consumers are also finding the chance…

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Usage based insurance intellectual property from Progressive can now be licensed

Progressive usage based Insurance

The insurer is specifying that it is the intellectual property and not the software in the program. In December 2012, Live Insurance News reported that Progressive would be licensing the intellectual property for its usage based insurance program, and that other carriers would start being able to use it as of 2015. Many have wondered whether the program also includes the software for the UBI coverage. For this reason, the insurer has issued an additional statement to clarify that it is only the intellectual property relating to the usage based…

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Usage based insurance faces a road block in California

California Auto Insurance

Tracking technology has privacy advocates raising concerns regarding its intrusive nature. Though California had initially been among the states leading the way for usage based insurance, it has suddenly hit a wall as privacy advocates speak out against what they feel is an excessive intrusion that could lead to significant consequences. The UBI programs are meant to provide insurers with a more accurate reflection of a driver’s behaviors. With the information they collect through usage based insurance, auto insurers have been able to offer lower risk drivers a discount on…

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