Usage Based Insurance or Telematics is the method for Ontario drivers to help lower their car insurance premiums. Why not be one of the first drivers to give it a try? You are a good driver. You have no tickets, no accidents and no problems. So why is your car insurance so expensive and why is it similar to those you know are not as good driver as you?
How Are Premiums Normally Calculated?
Currently, the rates are driven by driving history and averages based on age, gender, distance you drive, type of vehicle you drive and how you use your vehicle. The changes that are coming in our industry will challenge many of the old rating criteria.
What usage based insurance does is calculate your premiums based on your specific driving patterns. Currently, UBI looks at three variables. It tracks acceleration, braking and the time vehicle is used. This can help drivers to show exactly how safe they are. Rather than simply being viewed as an age and gender, drivers can create a more specific and unique profile.
Credit will be given to drivers who accelerate consistently, don’t brake abruptly and use their vehicle in non-peak hours. So for example, if you accelerate quickly, have to jam your brakes on all the time and drive during rush hour you will not receive the credits available. UBI looks for trends, and your credits will not be impacted by one or two occurrences.
Lower Car Insurance by Changing Habits
So how do you know how you are driving? For those that subscribe to a driving monitor system and data collection device, you will be given regular feedback on your driving habits. Armed with specific information on how you driver, you will able to better understand, or revise your driving habits. By adjusting your habits, you will be able to maximize your credits.
Telematics data will not be used for claim settlement and will not be used to increase your premiums. The current measurements or rating criteria may be revised in the future.
So How Do I Get Started?
Right now, we are one of the few Brokers that have access to usage based insurance. Please speak to one of Navigators account executives and they can help get you started. You’ll get 5% for signing up and up to a 25% discount based on your driving style.
This is the future of insurance. You now have more control over your car insurance premiums than ever! To get started, contact us now!