Automotive homeowners can shortly decrease their car insurance charges with the assistance of usage-based applications – Benzinga – Benzinga
LOS ANGELES, July 23, 2021 / PRNewswire-PRWeb / – UBI programs are getting more popular every year. The numerous benefits of the UBI programs are tempting to drivers who want to pay less insurance premiums. However, in order to pay less for their insurance, policyholders must allow their insurers to install a small telematics device in their vehicles. The thought of being monitored can be daunting for some, but UBI programs are a great opportunity for others.
Usage-based insurance programs have the following advantages:
- Get quick discounts. Typically, insurance companies relied on drivers' statistics and driving history before giving them discounts. Years of driving history had to be analyzed to determine whether a driver deserved a discount. With a UBI program, insurers install a small telematics device that monitors a driver's driving habits. This device will only be installed for 30 days, which is more than enough time for insurers to determine if a driver is eligible for a discount.
- Get a discount for short kilometers. Insurance companies assume that drivers who spend less time on the road are less likely to be involved in accidents. And for this reason they offer a discount for low mileage. Usually, policyholders have had to wait until renewal to find out if they were eligible for a short mileage discount. With the help of UBI, drivers can receive this discount immediately after the monitoring period has expired. Of course, they also have to drive fewer miles than a certain limit to be eligible.
- Promote better driving habits. Policyholders who know they are being monitored and any bad driving habits they have can potentially increase their insurance rates are likely to adopt better driving habits. Good driving habits also lead to lower insurance rates.
- UBI helps with accident investigations. After evaluating the data recorded by the telematics device, investigators can find out more about the accident and who was responsible. The telematics device normally records useful data such as speed, acceleration, emergency braking, direction of travel and airbag deployment.
- Substantial discounts for teenagers. Young drivers are considered high risk drivers and pay a lot for their insurance. UBI programs can help young drivers with good driving habits obtain lower insurance premiums.
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