Tag: pay as you drive

Usage based insurance intellectual property from Progressive can now be licensed

Julie Campbell
Progressive usage based Insurance

The insurer is specifying that it is the intellectual property and not the software in the program. In December 2012, Live Insurance News reported that Progressive would be licensing the intellectual property for its usage based insurance program, and that other carriers would start being able to use it as of 2015. Many have wondered whether the program also includes the software for the UBI coverage. For this reason, the insurer has issued an additional statement to clarify that it is only the intellectual property relating to the usage based…

Read More

Usage based insurance faces a road block in California

Julie Campbell
California Auto Insurance

Tracking technology has privacy advocates raising concerns regarding its intrusive nature. Though California had initially been among the states leading the way for usage based insurance, it has suddenly hit a wall as privacy advocates speak out against what they feel is an excessive intrusion that could lead to significant consequences. The UBI programs are meant to provide insurers with a more accurate reflection of a driver’s behaviors. With the information they collect through usage based insurance, auto insurers have been able to offer lower risk drivers a discount on…

Read More

California Car Insurance: Sequoia offering new “Pay As You Go” insurance plan

Marc

Following the latest insurance trend sweeping the nation, Sequoia Insurance Co., one of the largest insurers in California, will begin offering a pay-as-you-drive auto insurance policy. Sequoia joins State Farm and Progressive in offering this particular policy, increasing the options available to California drivers. Progressive was the first to incorporate this concept into their coverage options after finding that fewer people were taking to the road in light of rising gas prices and other costs. Drivers interested in the coverage must first have a small device installed in their vehicles.…

Read More

Progressive offers a huge discount with new “Pay As You Drive” program

S.Vagus

Earlier this year, the Progressive insurance company began offering Florida residents a pay-as-you-drive insurance program. Dubbed Snapshot, the program gives consumers lower rates of approximately 30% on average, based on their driving behavior. The insurer analyses driving habits with the help of a small device that is installed in vehicles. According to the insurer, the device has tracked over two billion miles, and is now ready to be used throughout the nation. Drivers that signed up are reporting a savings on average of $150 annually. Progressive notes that the possible…

Read More