Auto insurance usage based programs could reduce rates by 15 percent

usage based insurance auto

Providers in Ontario are eyeing these new telematics plans as the Canadian province seeks to lower premiums. The government of the Canadian Province of Ontario has tasked the auto insurance industry with reducing rates by 15 percent, and they are now looking to usage based programs based on telematics to be able to achieve this goal. That said, this type of plan is not necessarily designed to benefit people who commute every day in rush hour traffic. Auto insurance companies are now seeking to speak with the financial services regulator…

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Does usage based insurance for your car risk your privacy?

Usage based insurance

How much of your data is shared by your vehicle telematics? Usage based insurance programs are being offered by a growing number of auto insurers, with the highly attractive benefit of potential savings on monthly premiums. Consumers now wonder about the cost of these money saving devices. The type of data that is transmitted through the telematics devices used for the usage based insurance programs depends on the insurer and the gadget itself. While some simply report very basic information such as the number of miles driven, others can report…

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