usage based insurance news Archives

Usage based insurance is attracting the attention of powerful technology companies

May 29, 2014May 29, 2014 Nordstrom

Telematics is becoming an attractive sector for large technology companies Technology companies are beginning to make an entry into the usage based insurance industry, focusing heavily on telematics. Usage based insurance is becoming particular popular where transportation is concerned and auto insurance companies have managed to find traction with consumers with the usage based products they have begun to offer. As large technology firms begin to enter into the market, the insurance tech sector is expected to see major changes in the coming years that could come to define the…

Usage based insurance may exchange discounts for privacy risks

October 1, 2013September 28, 2013 G. Turner

Although the programs are offering cheaper premiums to good drivers, it may come at a cost. Pay as you drive programs, also known as usage based insurance plans, are rapidly increasing in their popularity and use a wireless device installed in the car to allow the insurer to track the actual driving behaviors of the individual so that he or she can receive discounts based on safe habits. However, a recent study is indicating that in exchange for lower premiums, the driver’s privacy may be at risk. The usage based…

Usage based insurance from Allstate Drivewise reaches a million miles driven

September 18, 2013September 16, 2013 G. Turner

The auto policies that use telematics technology through this insurer are expanding at an increasing rate. Allstate is celebrating a considerable usage based insurance milestone – so to speak – as the insurer has now passed one billion customer miles driven in the Drivewise program over the course of data spanning 38 million driving hours. This represents the equivalent of driving around the globe 40,000 times. As this news was released, Drivewise was also launched by Allstate into two more states – Kentucky and Montana – bringing that insurer’s usage…

Usage based insurance subscribers expected to double

June 24, 2013June 22, 2013 Julie Campbell

Over the next three years, there will be twice as many users of UBI auto policies in the United States and Europe. According to the latest data from Frost & Sullivan, a business consulting firm, sixty percent of large insurers in the United States are already offering usage based insurance telematics programs to provide discounts to their auto insurance customers who are safe drivers. The U.S. is seen as the fastest growing market for this type of coverage technology program. Among those auto insurance companies who are offering this type…

Usage based insurance patent granted to Progressive for sixth time

December 14, 2012January 9, 2014 Julie Campbell

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…