What Do People Really Think About Usage-Based Auto Insurance?
Usage-based insurance is one of the biggest innovations the auto insurance industry has seen in quite some time. The question is – will it catch on with Americans?
Here’s the idea: you place a little device (which usually plugs into a fuse port under your dashboard) in your car that reads data from your vehicle’s on-board computer. It collects information on your driving time, mileage, speed, acceleration, braking, and similar categories. This data is transmitted to the insurer, who sets your insurance rate based on your actual driving behaviors, rather than estimating it based on what your peers do. As a result, many people can potentially save a great deal of money on their auto insurance policies.
Do American Drivers Like Usage-Based Auto Insurance?
On paper, it sounds like a great idea. What do regular Americans think?Read More »What Do People Really Think About Usage-Based Auto Insurance?