Live Insurance News

Usage based insurance tracking soon available through OnStar

January 8, 2015January 7, 2015 Julie Campbell

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…

Usage-based auto insurance is becoming more acceptable

September 12, 2014September 9, 2014 S.Vagus

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.…

Usage based insurance boosts popularity by assuaging privacy concerns

September 10, 2014September 11, 2014 Julie Campbell

usage based insurance auto car tracking gps

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…

Usage based insurance partnership formed by Sprint

March 11, 2014March 11, 2014 G. Turner

The wireless giant is now partnering with Intelligent Mechatronic Systems to appeal to auto insurers. Sprint has now announced that it is entering into a partnership with Intelligent Mechatronic Systems, a usage based insurance technology provider that allows auto insurers to be able to offer telematics based coverage to their customers. This category is now taking off among insurance companies, basing premiums on a driver’s actual risk. Traditionally, auto insurance companies use broad generalizations about various categories of drivers in order to calculate premiums. Factors can include everything from location…

Auto insurance usage based programs could reduce rates by 15 percent

October 11, 2013October 8, 2013 Julie Campbell

Providers in Ontario are eyeing these new telematics plans as the Canadian province seeks to lower premiums. The government of the Canadian Province of Ontario has tasked the auto insurance industry with reducing rates by 15 percent, and they are now looking to usage based programs based on telematics to be able to achieve this goal. That said, this type of plan is not necessarily designed to benefit people who commute every day in rush hour traffic. Auto insurance companies are now seeking to speak with the financial services regulator…

Auto insurance telematics appealing to most European drivers

October 9, 2013October 7, 2013 G. Turner

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…

Auto insurance is using technology to focus on driver behavior awareness

October 3, 2013October 1, 2013 Julie Campbell

As usage based programs become more common, it is changing the future of this part of the industry. As both vehicle and telematics technology continue to evolve and usage based programs come closer to the mainstream, the auto insurance industry is placing a much greater focus on the actual behaviors of the consumer, while behind the wheel. Some industry experts feel that coverage is now becoming a tool to encourage motorists to become better drivers. At the same time, it also means that increasing automation in vehicles, to the degree…