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Is Usage Based Insurance A Smart Option?

Usage-based insurance (UBI) has been attracting more and more attention in the recent years.  What has started as a behavioral experiment has become an auto industry trend.  Now that usage-based auto insurance (UBI) has established itself as a real possibility, the future of pay-how-you-drive and pay-as-you-drive insurance is becoming part of the new insurance model. Find out more if usage based insurance is a smart option. Also, get online auto insurance quotes from our website and compare prices before changing policies.

It is expected that in the coming years, the auto insurers will gain new sources of complex data for UBI programs. More and more consumers are tracking their own activity and the wearable tech market is experiencing unprecedented growth. And they also agree to share info with the insurance companies.

It is advertised that auto telematics will improve driver safety and prevent road fatalities. Collecting data that will be crucial for the development of autonomous vehicles. Mobile apps that measure driving skills and offer improvement tips may become more popular as additional carriers offer new UBI programs, safe driving discounts and rewards. You should check the market and compare the benefits offered for those who want to install telematics. And we are talking about discounts, faster claim settles, access to several extra services and, generally, an increased trust from the insurance company.

The future’s smart cars will be able to communicate with each other remotely to avoid collisions and they will be able to support additional technologies, such as mobile apps. Such ease and convenience may tempt new users to try UBI or telematics devices. And as a result, insurers will be able to more accurately price drivers based on their real-time risk. In the end, not only the insurers, but the entire society will benefit.

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