Online Auto Insurance (OAI) has been encouraging customer awareness over a broader array of opportunities to find discounts on their coverage through motorist behaviors such as safe driving and low mileage, following a number of recent reports that are showing that insurers are likely to begin significant investments into technology that will record and transmit information about the driving behaviors of policyholders.
A growing number of insurance companies have already been offering programs on an optional basis that allows motorists to install an electronic device into their vehicle that will send the insurer their driving data in order to obtain lower premiums. According to experts, these programs provide the insurers with data that is much more reliable than the traditional methods of calculating the risk presented by any given driver, and for setting premiums that will allow their policyholders to receive coverage more inexpensively.
Recent reports have indicated that these insurers will be investing even more into this type of usage-based program than has ever been done before.
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Progressive is already the most heavily involved, already offering its Snapshot program, which is the largest usage-based auto insurance program in the United States and holding four patents related to it. It has received significant attention as well as applause for accelerating innovation related to the use of electronic devices that will help to determine a customer’s risk based on driving habits so that a more accurate premium can be established for greater savings.
It is estimated that Snapshot is already being used by approximately 250,000 Progressive policyholders across over thirty states.