Andrew Tolve reports on the challenges and opportunities of building a ‘pay-how-you-drive’ car insurance model.We’ve all experienced the frustration before: An auto insurer asks for some basic information—age, sex, credit score, and driving record—plugs that information into an equation, and voila! Out pops a premium that only vaguely represents how you as a driver really drive.
The Panda Group, a multi-service cooperative based in Finland, has announced a new pilot program testing the use of GPS data to determine insurance premiums and road tolls. Starting in 2010, a thousand cars in Finland will be outfitted with GPS devices that track speed, sudden braking, frequency of rapid accelerations, and where and how often cars are driven.
Fleet managers and users of telematics services now can easily access location data for on-board diagnostic (OBD-II) ports on thousands of vehicles, thanks to a comprehensive database service from InstallerNet.
DirectedElectronics, supplier of aftermarket vehicle security and remote startsystems in North America, announced today that it has signed amemorandum of understanding with Octo Telematics S.p.A., insurancetelematics provider in Europe, to develop telematics services for theU.S. and Canadian vehicle insurance markets.