According to the results of a recent survey, drivers will report their data in order to achieve greater savings.
The results of a survey from Cisco Systems, the networking giant, have now been released in a report from the company that have shown that usage based insurance has great potential as consumers are willing to embrace technology in their vehicles in order to enjoy lower premiums.
Consumers have shown that they would be willing to allow insurers to track their driving data in exchange for savings.
The results of the survey were published in the Customer Experience Report. This focused on issues such as vehicle buying, driving experience, and usage based insurance style technology. The results were based on the participation of over 1,500 people in the survey. These drivers resided in ten different countries.
On the whole, the survey found that usage based insurance and other tech were appealing to consumers.
The survey determined that using technology such as that applied to usage based insurance, mobile, text, websites, and embedded devices for communication in order to engage with the vehicle dealerships and manufacturers are being utilized on an increasing basis.
Cisco noted that consumers also seem to be interested in seeing changes that will help to promote better time savings, safety, and cost savings, which are connected with their driving. This should be seen as very promising to companies that have been considering – or that have already started – a usage based insurance program. Clearly, based on the findings of this study, consumers are interested in learning more – and using – just this type of opportunity for their coverage.
Among the survey participants, 52 percent said that they would enjoy the opportunity to use an automated gas price tracking method from their vehicles. Another 46 percent said that they would like to have a similar feature available for insurance prices. About 35 percent said that they would like to be able to track the availability of roadside assistance. While 32 percent said that they would like to be able to track information for recalls.
Usage based insurance uses tracking technology that allows a driver to prove that he or she has a low risk due to safe behaviors behind the wheel. A lower risk allows those motorists to enjoy discounted premiums.