Live Insurance News

Usage based insurance is now being seen without rose colored glasses

September 5, 2012September 4, 2012 Marc

Now that it has had its first wave as a novelty, drivers are starting to look at its other side. Drivers across the country are already taking part in the usage based insurance programs being offered by a number of the larger insurers, with the promise of an opportunity for significant savings. However, on closer inspection, some are starting to wonder whether the tradeoff is worth it. Insurers have crated usage based insurance programs that allow motorists to have their driving behaviors tracked by the companies in order to gain…

Does usage based insurance for your car risk your privacy?

July 16, 2012July 16, 2012 S.Vagus

How much of your data is shared by your vehicle telematics? Usage based insurance programs are being offered by a growing number of auto insurers, with the highly attractive benefit of potential savings on monthly premiums. Consumers now wonder about the cost of these money saving devices. The type of data that is transmitted through the telematics devices used for the usage based insurance programs depends on the insurer and the gadget itself. While some simply report very basic information such as the number of miles driven, others can report…

What you should know about usage based insurance

July 4, 2012April 30, 2013

How telematics may change driver behaviors. Usage based insurance is on the rise, and it is showing no signs of slowing down as it combines telematics with GPS technology and onboard diagnostics to help insurers to better understand the behaviors of their policyholders while behind the wheel. Though the impact on price is starting to be understood, what has yet to be seen is the impact on drivers. The technology is able to tell an insurance company where a car is located, how fast it is going, how many left…

2012 will be the year of usage based insurance

June 17, 2012June 17, 2012 Marc

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…

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

April 16, 2012April 30, 2013

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…

Progressive and Allstate come to settlement about patent use

October 4, 2011October 4, 2011 Nordstrom

Allstate Corp and Progressive Corp, the auto insurers, have reached a settlement for a patent dispute that had been occurring between the two insurance giants, which was over technology that allowed the companies to alter a driver’s premiums based where, how, and how frequently he or she drives. The dispute began when Progressive filed a lawsuit against Allstate, claiming that the latter had infringed on patents and trademarks owned by the former, which are a part of “usage-based” insurance. Progressive released a statement that explained that some of its patent…

Does Progressive’s Snapshot program offer a true auto insurance discount?

July 19, 2011July 20, 2011 Marc

Progressive has taken a new approach to car insurance, called the Snapshot program, that allows its policy holders to share their driving habit information for the opportunity to try to save money. According to the general manager of usage-based insurance at Progressive, Richard Hutchinson, the program is completely voluntary, so drivers who are not interested in taking part are not required to do so. Participating drivers have their cars fitted with a Snapshot transmitter device, which is compatible with most vehicles made in 1996 and afterward. The device monitors the…