Auto insurance telematics appealing to most European drivers

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Provided that premiums would not increase, the majority of motorists would opt for usage based coverage. According to the results of a recent survey among six countries across Europe, the majority of drivers would choose an auto insurance program that uses telematics if they were guaranteed that they would not experience a premiums increase. Most of the survey respondents expressed a level of interest in usage based coverage programs. The majority of the participants in this recent Towers Watson survey said that they were interested in usage based auto insurance…

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Europe establishes guidelines for interpretation of insurance gender pricing regulation

The European Union has now established a set of guidelines that are designed to provide insurers with some assistance with the interpretation of a ruling made by the EU court that states that it is no longer permitted for insurance companies to use gender as a factor for calculating the premiums that will be paid for various forms of coverage. The insurance industry has heavily criticized the ruling, which reversed years of traditional practice by insurers who have used gender as a part of their formulas for determining product pricing…

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European automobile insurance companies may begin using black boxes to establish rates

Car insurance companies in Europe that are looking for a way to work around the ban in Europe on charging different rates to male and female drivers are considering innovative new technology using black boxes that may completely change the way that auto insurance premiums are calculated. The largest automobile insurer in the United Kingdom, the Royal Bank of Scotland, is one of the companies currently investigating and testing the use of this technology, which uses a small device to monitor the way that customers use their vehicles so that…

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