Usage based insurance patent granted to Progressive for sixth time

usage based insurance measure

The Snapshot program has now received another level of protection for its mobile device technology. Progressive has just received yet another patent in connection to its usage based insurance program, which covers the specific mobile device that is used by the insurers to obtain driver data. The insurer was awarded U.S. Patent Number 8,311,858 for its mobile device. The wireless device is installed into the vehicle of the usage based insurance policyholder in order to provide data to the insurer that can be used in order to determine that motorist’s…

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Usage based insurance may reach 50 percent in 8 years

usage based insurance dashboard

By the year 2020, over half of all auto policies may use UBI devices for premiums calculations. The results of a research study performed by Strategy Meets Action has revealed predictions that by the year 2020, one fifth of all insurers will have usage based insurance products that will cover over half of the entire personal auto coverage market. It indicated that there would be a very rapid growth in this sector of the industry. The name of the SMA study was “Telematics/Usage Based Insurance: A Catalyst for Change”. The…

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Usage based insurance concept is launched in Oregon

Usage based auto insurance

Technology will now be allowing drivers in the state to have premiums that reflect their behaviors. An auto insurer in Oregon, MetroMile, has announced that they will now be selling a usage based insurance policy that will calculate their premiums based on the number of miles that the motorist has driven. The insurer will be using a sensor installed in vehicles that records the miles driven in the vehicle. The company is taking a similar angle to a utility meter with the concept of usage based insurance, where the number…

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Usage based insurance launched by Allstate in NY

New York auto insurance

Safe drivers in New York will be able to take advantage of potential savings on their premiums. Progressive may have taken the first steps into New York with usage based insurance, but Allstate isn’t far behind, and is now offering drivers in the state the opportunity to save money on their monthly premiums based on their safe driving habits. Motorists that demonstrate a lower risk of making a claim may save money every month. The Allstate usage based insurance program is known as “Drive Wise”. Though it is only just…

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Usage based insurance is now being seen without rose colored glasses

Usage Based Insurance

Now that it has had its first wave as a novelty, drivers are starting to look at its other side. Drivers across the country are already taking part in the usage based insurance programs being offered by a number of the larger insurers, with the promise of an opportunity for significant savings. However, on closer inspection, some are starting to wonder whether the tradeoff is worth it. Insurers have crated usage based insurance programs that allow motorists to have their driving behaviors tracked by the companies in order to gain…

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