The demand for usage-based insurance is driven by the reduction in insurance premiums as compared to regular insurance and risk-related cost and increasing vehicle sales and on-road vehicles. Ambiguity over regulations and legislative environments are acting as a restraining factor for the usage-based insurance market.
New Jersey drivers can now pay per mile for their auto insurance through Allstate. The rise of usage-based insurance could lead to a decline in auto accidents in the future and impact collision repair shops.
This partnership, which currently tracks 3.3 million cars, calls attention to two key trends in collision repair: vehicle data sharing and OEM-insurance partnerships. Here's a brief breakdown of what you need to know.
According to the Q4 2016 Industry Trends Report put out by Mitchell International, 93 percent of millennials would buy usage-based (aka pay-as-you-go) insurance.
CCC ONE for OEMs aims to help car manufacturers improve customer loyalty and deliver new consumer experiences. These solutions can leverage connected car and vehicle data in many ways, including the promotion and sale of new vehicles and OEM-branded parts, usage-based insurance and telematics-enabled claims, safety insights, and shop certification scorecards.
Nationwide has enhanced its current skill for Amazon Alexa by adding a SmartRide capability. The goal is to provide a new way to communicate with Nationwide members about its safe driving, usage-based insurance program.
The goal of the proof of concept is to design seamless usage-based insurance (UBI) solutions for Mitsubishi drivers—an important topic covered in the June issue of FenderBender.
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