Many insurance companies are choosing to take advantage of usage-based insurance premiums. This allows clients to receive personalized insurance policies based on their driving habits, rather than simply calculating their premium based on statistical demographics. Insurance companies are able to provide their clients with usage-based insurance premiums by installing a small device into the diagnostic port of the insured’s car. All tracked data is directly sent to the insurance company through an off-site portal. This device collects information from the vehicle such as milestraveled, location of travel and GPS coordinates for protection against theft. It can also recognize negative driving behavior, such as hard-breaking, aggressive turning and rapid acceleration.
Lower usage-based insurance premiums, could place your organization at a distinct competitive advantage. Insureds are always looking to receive discounts on their auto insurance premiums, and it is believed that many would be willing to accept a small intrusion on their privacy for a reduced premium. Parents are also looking for ways to save on auto insurance because they are well aware of the significant increase in their premiums when they add a teenager driver to their policy. By offering this personalized service, insurers can provide more affordable insurance coverage to families with teen drivers as their driving habits can now be tracked. The device that is installed in the teen’s car will tell insurance companies how fast they are going, their braking and acceleration rates, what time of day they drive, and their mileage. This innovative system can also provide more information to assist in the claims process.
Located in the heart of the Conejo Valley in Westlake Village, California, VRC Insurance Systems understands the importance of providing your insurance clients with the latest products. Contact us today and accelerate your business with our unique insurance solutions. Your client satisfaction rates will undoubtedly skyrocket!
