A recent survey from carinsurance.com reveals that technology is far more likely to be adopted to include telematics boxes or mobile phone blockers. The survey represented a sample of 500 drivers and asked how willing they would be to accept certain restrictions from their insurance company in return for a lower premium. According to a CBS News Report, among the seven options, the only one with that elicited acceptance from a majority of respondents was an in-car breathalyzer. 64% of the respondents confirm that they would be willing to blow to the breathalyzer before starting their cars if a lower premium is offered as a reward (Golia, 2013).
The survey did offer hope for insurers who are increasing their investment in telematics-powered usage based insurance: 39% of the respondents said that they would allow insurers “to install a data-monitoring device,” the second most accepted technology (Golia, 2013). The rest of the rest of the restrictions rank as following:
- 37% would allow insurer to disable their cell phone while in the car
- 28% would let insurer restrict their speed
- 27% would let insurer severely limit how far they can drive
- 24% would allow the insurer to decide what hours they could drive
- 20% would allow the insurer to install a camera to observe them while they drove
With more and more technology entering the vehicle, and the increasing number of newer drivers that have the always connected world now being the consumers these numbers will keep increasing. Usage Based Insurance device prices are decreasing, the solutions are now advanced to the point that insurers can deliver attractive, branded devices that are easily installed by their customers.
HopeRun offers OBDII Devices, web portals and mobile apps that allow customers to see their driving behavior data and easily translate that to expected insurance savings, and offer coaching to help customers improve their scores and increase savings.
Are you looking to launch your first UBI pilot program? Contact HopeRun Technology today!
Golia, N. (2013, March 7). Survey: Which Technologies Are Insureds Most Willing to Adopt for Lower Premium? . Retrieved March 26, 2013, from Insurance & Technology: http://www.insurancetech.com/survey-which-technologies-are-insureds-m/240150276