usage based auto insurance Archives

Insurance companies receive driver data from automakers

March 14, 2024March 13, 2024 Marc

Vehicle software can collect motorist driving behavior data and share it with insurers Insurance companies have been offering usage-based coverage plans to customers for several years, tracking driving behaviors in order to offer lower risk motorists the opportunity to save on their premiums. These plans use apps, dongles, or other forms of telematic tracking and transmitting methods The tracking can include recording how many times a motorist drives, how often they brake hard, if they speed, and how quickly they take corners. Many drivers have been hesitant to enroll in…

Louisiana auto insurance prices are forcing drivers out of the state

July 14, 2023July 14, 2023 Logan B.

Prices for coverage have been skyrocketing and motorists have reached the point that they can’t afford it. Louisiana auto insurance has been steadily on the rise, and those increases have been getting increasingly sharp more recently. Rates have been climbing across the country, but the state is facing particularly rapid premium increases. According to the Insurance Commissioner, the Louisiana auto insurance market has become a challenge both for personal policies as well as commercial coverage. The reason, said the commissioner, is that the state is home to the highest claims-to-litigation…

Does usage-based car insurance require more oversight in the US?

June 10, 2021June 9, 2021 Nordstrom

Usage-based car insurance - man studying report

A report by the Consumer Federation of America calls for state regulators to keep closer tabs. The Consumer Federation of America has published a report strongly urging regulators across the United States to apply greater oversight to usage-based car insurance. These programs use telematics to measure policyholder driving habits and apply discounts for safe behaviors. The consumer advocacy group has been pushing state regulators to take this step with usage-based car insurance programs while adopting a number of other consumer protections. It sought to have those regulators apply greater scrutiny…

Allstate launches usage-based auto insurance program in Alberta

April 12, 2016April 10, 2016 Logan B.

New insurance program could net drivers savings on premiums A new auto insurance program in Alberta, Canada, could give drivers a chance to save money on their coverage. Allstate has launched a new usage-based insurance policy in the province. The policy involves the use of telematic technology, which is designed to collect data on how a vehicle is being driven. This may be good news for safe drivers, as they will be able to obtain discounts on their insurance coverage. This data is collected over six months, giving Allstate the…

Driverless vehicles may be a threat to the auto insurance industry

March 2, 2016March 1, 2016 S.Vagus

Driverless self-driving car Google auto insurance

Allstate predicts that autonomous cars will have an impact on the insurance industry Driverless vehicles may pose a potential threat to the auto insurance industry, according to Allstate. The company has filed its annual 2015 report, suggesting that autonomous cars could impact the industry in a significant manner. These vehicles are equipped with technology that take the human equation out of driving. Most car accidents are caused by human error, which makes the need for insurance coverage quite abundant. Allstate is concerned that autonomous vehicles will reduce the need for…

Usage-based auto insurance comes to China

December 17, 2015December 16, 2015 Logan B.

Lichengbao releases China’s first usage-based auto insurance product Auto data company Lichengbao has launched a new usage-based auto insurance product in China, which is the first of its kind in the country. The company has partnered with several smaller insurers to make this possible, aiming to provide drivers with a way to save money on auto insurance coverage. Usage-based insurance has been gaining popularity in China, largely due to the fact that drivers in large cities only use their vehicles sparingly. 40% of consumers in China drive less than 15,000…

Usage based insurance program lets young drivers prove themselves

March 12, 2015March 11, 2015 Julie Campbell

This telematics based system will give new Ontario, Canada motorists the chance to prove their safety habits. A company called Ingenie Canada Inc. has now announced that it will be offering a usage based insurance program in Ontario, Canada, that will use telematics technology in order to allow drivers who are aged 24 years and younger to show that their habits are safer than the demographic as a whole. The company is allowing younger drivers to show their true risk level instead of being lumped in with the group. The…