Live Insurance News

Verifly drone insurance launches a US pay as you fly coverage

August 10, 2016August 11, 2016 H. Cutner

A startup has created an on demand and per flight form of insurance policy for drone users. The Verifly drone insurance policy launched after having been in the making since the end of 2014. This policy makes it possible for drone users to pay for coverage per flight and on demand. The drone insurance policy uses a mobile app and service that have been in development since 2014. The Verifly drone insurance coverage is available in the United States. The policy covers unmanned aerial vehicle (UAV) use within the commercial…

Allstate launches usage-based auto insurance program in Alberta

April 12, 2016April 10, 2016 Logan B.

New insurance program could net drivers savings on premiums A new auto insurance program in Alberta, Canada, could give drivers a chance to save money on their coverage. Allstate has launched a new usage-based insurance policy in the province. The policy involves the use of telematic technology, which is designed to collect data on how a vehicle is being driven. This may be good news for safe drivers, as they will be able to obtain discounts on their insurance coverage. This data is collected over six months, giving Allstate the…

Usage-based auto insurance comes to China

December 17, 2015December 16, 2015 Logan B.

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…

Usage based insurance devices track drivers using GPS

January 29, 2015January 29, 2015 Julie Campbell

This type of program may be causing motorists to exchange their privacy for potential discounts. Drivers who are looking to save money on their auto premiums are starting to look toward options such as usage based insurance, which involves installing a device in the motorist’s vehicle in order to allow the insurer to track actual driving habits, instead of basing premiums exclusively on more general risk models. While this can give safe drivers the chance to prove their low risk, and save money, there may be a catch. Privacy advocates…

Usage based insurance is not appealing to most Americans

January 20, 2015January 17, 2015 Julie Campbell

usage based insurance auto car tracking gps

A recent study has shown that over half of the drivers in the country aren’t sold on having their habits monitored. The results of a study conducted on the popularity of usage based insurance, also known as a pay as you drive plan, have recently been released, and they have shown that 51 percent of Americans will not even consider enrolling in this type of program. The majority of consumers are resistant to being monitored in order to be able to obtain possible discounts. The results of the study that…

Insurance technology could place US drivers at risk, says hacker

January 19, 2015January 17, 2015 Julie Campbell

Increasing auto insurance premiums technology

Tech expert, Corey Thuen, will be speaking at the S4 conference to show that pay as you drive dongles aren’t secure. Corey Thuen is a Digital Bond Labs security researcher, who has been working for a number of weeks on the subject of the insurance technology of onboard network dongles that are connected to the OBD2 ports of vehicles as a component of usage based auto policies. The findings of the research have been striking and they will soon be presented in a talk entitled “Remote Control Automobiles”. Thuen looked…

Usage based insurance tracking soon available through OnStar

January 8, 2015January 7, 2015 Julie Campbell

As of the summer of 2015, a motorist’s driving behaviors can be assessed through its onboard system. Beginning this summer, the OnStar service found in many vehicles will also be capable of tracking a driver’s behaviors as a part of an opt-in usage based insurance program that will make it possible for safer motorists to save on their coverage. This program will provide an evaluation of a driver’s habits over a period of ninety days. Once that time has been completed, drivers will be given the opportunity to take advantage…