Tag: usage based auto insurance

Auto insurers introduce pay as you drive insurance

Usage based auto insurance

Usage based coverage is increasing in popularity among carriers and drivers. Large insurers such as Allstate and Progressive are taking the auto industry in a new direction with pay as you drive insurance policies that track a motorist’s average speed, mileage, and other driving details that can help those customers to experience significant discounts in their premiums if they prove to be good drivers. Though usage based policies had a slow introduction, these efforts are now being accelerated. Carriers are finding that the popularity and possibilities of this type of…

Read More

2012 will be the year of usage based insurance

Marc
usage based insurance auto

This year, auto coverage using telematics devices will finally get its real start before taking off. Usage based insurance is a type of auto coverage where the actual driving data of the motorist is collected through telematics devices in order to provide insurers with the ability to calculate premiums based on the individual’s actual behaviors and uses of the vehicle. Some companies have already introduced programs and it is expected that they will explode very soon. There are a number of reasons that the technology, which has had an off…

Read More

DriveFactor offers new usage based auto insurance program for drivers

Usage based insurance

DriveFactor has announced its latest product that uses usage based insurance (UBI) technology to allow good drivers to prove their safe driving habits and receive discounts on their premiums. The program uses a UBI device to track the save driving behaviors of specific drivers so that they can save money on their coverage. It measures the way in which a car moves so that the insurer can more accurately determine the risk associated with the driver and calculate a more precise rate for protection. DriveFactor was established in 2010 under…

Read More

DriveFactor announces usage-based car insurance program expansion for cheaper premiums

Discount-Car-Insurance

DriveFactor, formerly called Crimson Informatics, has just announced that it is now offering programs for usage-based car insurance that will allow drivers to use mobile technology and telematics in order to prove their safe driving habits so that they can lower their premiums based on actual performance. A growing number of auto insurers have been adding telematics and usage-based insurance (UBI) to their programs. According to DriveFactor, this type of system could save a policyholder up to half off their premiums. The DriveFactor programs have been created to allow insurance…

Read More

TomTom announces new first-of-its-kind partnership with Motaquote

Marc

TomTom has just announced that it has made a groundbreaking new partnership in the insurance market with the Motaquote insurance broker, by agreeing to provide the technology to support a new behavior-based insurance product that uses the driver’s habits to help gauge the premiums. The product being offered by Motaquote is called Fair Pay Insurance, and it will use TomTom technology to be able to reward drivers with lower risk habits by decreasing the premiums that they pay. According to the managing director of TomTom business solutions, Thomas Schmidt, “Our…

Read More