In a move that could get people finding alternative ways to commute, state legislation (.pdf) approved last year enabled auto insurance companies in California to offer discounted rates for drivers who don’t use their vehicles that much. Now, State Farm is the first company trying to take advantage it.
On average, the way we pay auto insurance isn’t exactly fair. We could be the best drivers on the road who drive the minimal amount every day, yet end up paying just as much as the speed demons around us simply because we happen to be the same age or gender. The use of M2M (machine-to-machine) technology, in the form of usage-based insurance, can do wonders for getting auto insurance rates on an even road.
A small, blue plastic box may be the future of car insurance.
The box, which plugs into the on-board diagnostic port of the car, wirelessly sends data to the driver’s insurance company.
By Ed Leefeldt
Conspiracy theorists will hate it, but insurers taking a big bath on fraud claims see it as salvation. It’s called “telematics,” and essentially it is a Global Positioning System or GPS on board your car.
What’s wrong with this? Many cars have these navigation devices to help drivers find their way through traffic [...]
Driving habits could save around 25%, or be charged up to 9% on car insurance
Progressive, an auto insurance group, has introduced an optional car insurance program, MyRate, that provides lower rates on vehicles insurance that are driven in less risky ways.
According to Progressive, MyRate is a behavior-based insurance program that uses patented technology to [...]
NAMIC dailyLead | 01/12/2009
Experts and insurers believe electronic stability control is the best thing in automobile safety since seat belts. Full implementation of stability control in 100% of vehicles by 2012 could save thousands of lives, the federal government says. “Our recommendation to consumers is that you want to buy a vehicle with electronic stability [...]