Usage based insurance is already going mainstream

usage based insurance

This type of auto policy has started to become one of the standard offerings of many insurers. Though the potential benefits of usage based insurance have been clear for some time, this new technology based version of auto coverage has always represented an extremely small percentage of the offerings from insurers. This trend is starting to change as the tech is picked up by a growing number of insurers. Moreover, as more auto insurance companies offer these products in a larger number of locations, consumers are also finding the chance…

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Auto insurance usage based programs could reduce rates by 15 percent

usage based insurance auto

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…

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Usage based insurance is causing a growing privacy concern

usage based insurance data security

Though consumers are keen to save money on their policies, they wonder if they might be sharing too much. With the increasing popularity of usage based insurance programs, individuals and organizations are starting to look beyond the potential for saving money and are discovering that a large amount of information is being shared with the insurers. This is causing them to question exactly what and how much data is being collected. A vehicle is already naturally collecting a great deal of information about the way that a driver uses it.…

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Survey: “Would You Trade Your Privacy For Lower Car Insurance Rates?”

auto insurance

Survey and Guide by According to a recent press release, the NHTSA aims for all cars manufactured after 2014 to come with a little black box (Event Data Recorder – EDR). Proponents stress increased safety and savings on insurance premiums, while opponents underline the threat to privacy and even forecast increased premiums; wraps up and issues a survey to ask consumers how much do they value their privacy. The initiative by The National Highway Traffic Safety Administration (NHTSA) would require all cars manufactured after August next year to…

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Usage based insurance makes its way into Spain through new policy

Usage based auto insurance

A new UBI solution has now been launched by a partnership between Telefónica and Generali Seguros. Drivers in Spain will now have the opportunity to take advantage of considerable savings based on their good and safe driving habits, if they choose to participate in a new usage based insurance program. The new product, which was just unveiled, is advertised as being able to save drivers up to 40 percent. The usage based insurance policy would require the drivers to have a device installed into their vehicles which would use Machine…

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