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Usage Based Insurance

All articles tagged with #usage based insurance

"Rising Car Insurance Costs Fueling Inflation and Financial Strain for Drivers"

Originally Published 1 year ago — by CNBC

Skyrocketing auto insurance costs have contributed to higher inflation, with prices rising by 2.7% monthly and 22.2% annually. Factors such as expensive new vehicles, supply chain shortages, and advanced vehicle technologies have led to increased repair and replacement costs, impacting insurance premiums. Insurers are facing significant losses, prompting rate hikes and declining customer satisfaction. Usage-based insurance programs are gaining popularity as insurers offer discounts for safer driving, but overall customer satisfaction with auto insurers has reached a more than 20-year low.

business finance auto-insurance consumer-price-index finance inflation usage-based-insurance vehicle-costs

Drivers Embrace Intrusive Monitoring Tech to Cut Insurance Costs

Originally Published 2 years ago — by Money

As auto insurance premiums continue to rise, drivers are considering usage-based car insurance programs that offer discounts in exchange for sharing driving data with their insurers. These programs monitor data related to driving behavior, such as hard braking, sharp turns, and phone usage while driving. While proponents argue that it can be a win-win for customers and insurers, critics raise concerns about privacy and potential drawbacks, such as the technology's limitations and the possibility of paying more for insurance. The share of auto insurance customers participating in these programs has doubled since 2016, indicating continued interest and growth in the market.

technology personal-finance auto-insurance cost-savings personal-finance privacy-concerns telematics usage-based-insurance