Allstate launches usage-based auto insurance program in Alberta

usage based auto insurance

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…

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Driverless vehicles may be a threat to the auto insurance industry

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Allstate predicts that autonomous cars will have an impact on the insurance industry Driverless vehicles may pose a potential threat to the auto insurance industry, according to Allstate. The company has filed its annual 2015 report, suggesting that autonomous cars could impact the industry in a significant manner. These vehicles are equipped with technology that take the human equation out of driving. Most car accidents are caused by human error, which makes the need for insurance coverage quite abundant. Allstate is concerned that autonomous vehicles will reduce the need for…

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Usage-based auto insurance comes to China

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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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Usage based insurance program lets young drivers prove themselves

Young Driver auto usage based Insurance

This telematics based system will give new Ontario, Canada motorists the chance to prove their safety habits. A company called Ingenie Canada Inc. has now announced that it will be offering a usage based insurance program in Ontario, Canada, that will use telematics technology in order to allow drivers who are aged 24 years and younger to show that their habits are safer than the demographic as a whole. The company is allowing younger drivers to show their true risk level instead of being lumped in with the group. The…

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Usage based insurance tracking soon available through OnStar

usage based auto insurance

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…

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Mobile apps could disrupt the auto insurance market

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Google and Apple may become market disrupters by supporting mobile applications Both Google and Apple may soon become disrupters in the auto insurance market. A growing number of insurers are beginning to use telematics to offer new, usage-based policies that are popular among consumers. These companies are using relatively expensive devices to monitor the driving habits of policyholders and this information is being used to determine the cost of an actual insurance policy. Mobile application may soon become a powerful tool in helping insurers cut the upfront costs associated with…

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Usage-based auto insurance is becoming more acceptable

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New study shows that consumers are becoming more comfortable with usage-based insurance coverage LexisNexis has released a new study concerning telematics and usage-based auto insurance coverage. The study notes that consumers in the U.S. are becoming considerably more comfortable with the idea of usage-based insurance, largely because of the savings they can take advantage of. Rate discounts are a main driver behind the adoption of telematics among drivers and businesses that manage vehicle fleets. Drivers do have some privacy concerns, however, in regards to the information that telematics systems collect.…

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Usage based insurance boosts popularity by assuaging privacy concerns

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Both consumers and commercial fleets are increasingly embracing UBI programs and their tracking devices. Consumers and managers of commercial fleets, alike, are experiencing a shift in their opinions with regards to usage based insurance, as the benefits of being able to save money and encourage safer driving practices appear to be winning out over concerns with regards to privacy. These auto insurance programs have been slow to be accepted due to the telematics devices that track vehicles. Drivers are starting to discover that there are some considerable financial benefits that…

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Usage based auto insurance gains more attention in Ontario

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Usage based insurance plans are starting to see widespread adoption Usage based auto insurance is beginning to pick up momentum in Ontario, Canada, but the Financial Services Commission of Ontario has been slow to grant approval for the technology used for this type of insurance coverage. Insurance companies operating in the province have begun applying for approval to use the technology that is capable of monitoring a person’s driving habits. Insurers suggest that this technology could help lower insurance costs for drivers significantly, depending on how often they actually drive.…

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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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