Live Insurance News

Usage based insurance programs come to New York state

February 22, 2013April 30, 2013

Drivers will now be able to choose if they want their habits behind the wheel monitored by their insurers. Though New York does already have some usage based insurance options, the large players are now making their way through the state to provide good drivers with the chance to save on their premiums by revealing their driving habits to their insurers. The programs come with a small electronic device installed on the car to transmit driving data to the company. New York is not alone in its usage based insurance…

Usage based insurance raises concerns over privacy

December 28, 2012December 28, 2012 H. Cutner

The wireless monitoring devices that can lower premiums are making people wonder about data sharing. The wireless technology that is installed in a vehicle in order to take advantage of the possible savings from usage based insurance is starting to cause some concern among consumers who are becoming increasingly aware of the risks they are taking with regards to sharing their personal information. Some wonder precisely what is being collected and how it is being used and stored by insurers. The concept behind usage based insurance is that a wireless…

Usage based insurance licensing terms released by Progressive

December 24, 2012December 24, 2012 Julie Campbell

With six American patents in place, the insurer has now announced the rules for the use of its intellectual property. Progressive has just announced the terms of a new licensing program that it has developed for the use of its usage based insurance programs and the various proprietary elements that are related to them. The insurer has been carefully developing and protecting the various parts of these programs over the years. This licensing option has been long awaited by the industry, as the insurer has been indicating that it would…

Usage based insurance could change the entire underwriting model

August 28, 2012August 27, 2012 Julie Campbell

A growing number of auto insurers are offering telematics programs. As the popularity of usage based insurance grows among both auto insurers and consumers, the data that is provided through the telematics devices is helping to provide more accurate information regarding the risks associated with a certain driver, so that pricing can better reflect that actual risk. This approach is already in place in many parts of the United States, Canada, Europe, and Australia. At the moment, the most common usage based insurance programs in North America are in truck…

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…

Worldwide usage based insurance market to break the €50 billion mark in 8 years

May 9, 2012April 30, 2013

Global use of telematic technology and methods will skyrocket by 2020. According to a report by PTOLEMUS Consulting Group, an international strategy consulting firm, usage based insurance is going to change the way that auto insurers and their policyholders do business together. The report is being applauded as the most comprehensive ever created on insurance telematics. The strategic report was 400 pages long and is expected to become the document used by the industry as a standard reference, as it provides vital data regarding the global landscape for auto coverage,…

MyDrive Solutions releases smart box technology for insurance telematics

April 2, 2012 Julie Campbell

MyDrive Solutions, a company known for its specialty in insurance telematics, has announced its latest technology release to allow insurers to better gauge an individual driver’s risk and therefore set the premiums for coverage accordingly. The company’s launch involves an insurance smart box, which has now been brought to market, called MyDrive Dynamic, which will give auto insurers the ability to collect and use a driver’s behavioral data using the very latest in data capture technology. This can then be used to better understand a driver’s unique risk so that…