Usage based insurance may reach 50 percent in 8 years

usage based insurance dashboard

By the year 2020, over half of all auto policies may use UBI devices for premiums calculations. The results of a research study performed by Strategy Meets Action has revealed predictions that by the year 2020, one fifth of all insurers will have usage based insurance products that will cover over half of the entire personal auto coverage market. It indicated that there would be a very rapid growth in this sector of the industry. The name of the SMA study was “Telematics/Usage Based Insurance: A Catalyst for Change”. The…

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Usage based insurance grows in popularity with car insurers

usage based insurance auto

Telematics are increasingly used to help drivers to slash their premiums. Telematics – a form of device that is installed into a vehicle to monitor the way it is drive – are already being used by a few insurers as a part of usage based insurance efforts to help to keep rates down, and are expected to become much more popular, quite quickly. Studies and consumers are reporting that rates can fall by 20 percent or more with this technology. Moreover – and perhaps just as positive as the reduced…

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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…

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