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Evolving telematics based insurance cover

Recently, “Car Insurance Rates” began offering quotes on car insurance policies with built-in telematics systems, facilitating pay-as-you-go devices. Depending on driving habits, policyholders could save as much as 30 percent on their premiums if they install such a device in their vehicle. When visitors now request quotes on car insurance with participating insurers, they can request that the pay-as-you-go discount be incorporated into their rate estimate to see how much they could be saving.

Typically, the telematics device is either free or of negligible cost to the policyholder, and the insurer usually handles installation for the driver. The device sends feedback to the insurance company on the policyholder’s driving habits, and discounts are given accordingly. With CIRS, insurance shoppers can now estimate just how much they could be saving if they switched to a pay-as-you-go auto policy.

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