UBI Car Insurance Is Becoming More Popular

Usage Based Insurance (UBI) is one of the most recent novelties introduced to the insurance market.  By adding monitoring devices to the car, the insurance providers are able to analyze the sent data referring to client’s driving behavior. The company will know when you drive, where you park the car, how you brake or slow down and many other things. Based on the data, the insurance company will be able to create an accurate profile, predict insurability risk and calculate the premiums.  Find out why UBI car insurance is becoming more popular and get online insurance quotes auto from our website.

cheap-car-insurance-600x390Having an accurate risk profile determined by the insurance company is really good news for good drivers. They will be able to save a lot of money by accessing premiums and policies specifically customized for their skills.  And this is the main reason why UBI is becoming more and more popular and widely adopted by insurance companies.

The usage-based insurance (UBI) market could be worth $123 billion by 2023 and its consumer base could grow from 15 million to 142 million over the same time period, according to the market research company Allied Market Research.

It is expected that auto telematics will improve driver safety and prevent car crashes. Mobile apps that measure and monitor driving skills will also offer improvement tips and will become more popular. More carriers offer new UBI programs, safe driving discounts and extra bonuses.

The continuous evolution of the auto industry is also pointing for a bright future for UBI. Vehicles will be able to communicate with each other to avoid accidents, and they will be able to support additional technologies, such as mobile apps.  This will make new users to try UBI or telematics devices. And insurers will be able to more accurately price customers based on their real-time risk.

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