Data from RATESDOTCA indicates that demand for usage-based insurance (UBI) has increased by over 20%. Even though telematics has been used in the vehicle insurance sector since 2013, there seems to be an increasing interest as more Canadian drivers are now choosing it.
“Policyholders have the choice to opt for telematics-based insurance programs and exchange their driving data for more accurate insurance premium pricing,” Brian Halk, Vice President of Global Marketing says. “Insurance companies will leverage the data to accurately measure driving risk and vehicle usage of the policyholder.”
As an example, Onlia Insurance, an IMS customer, tracks how smoothly you drive and steer during your trip, your speed, focus, and contextual factors (the type of road you are driving on and at what time). “The Onlia Insurance app uses telematics to calculate a ‘driverscore’ each month,” says Fleur Dujardin, president of Onlia Insurance. Depending on their score, safe drivers in Ontario can see potential savings of up to 30% on their average yearly premium.
March saw an 18.22% increase in UBI quotes, when compared to the same period last year. There was also a 54.64% month-on-month increase in drivers opting for a UBI discount in January and 39.68% increase in quotes opting for it in February.
Read the full story: https://rates.ca/resources/insurance-premiums-rise-quotes-usage-based-auto-insurance-increase-nearly-20
To learn more about UBI visit: https://ims-2022.bgn.agency/usage-based-insurance-for-personal-lines
