Tuesday, April 8, 2014

"Pay-By-the-Mile" Car Insurance Spreads to Illinois

In March, West Coast based MetroMile announced they would be expanding operations outside that region for the first time by making their "pay-by-the-mile" car insurance product available in Illinois. By plugging in the company's free Metronome data collection/GPS/transmitter device into a vehicle’s OBD-II port, MetroMile servers receive a data stream that includes a history of vehicle location and the number of miles driven. Information which is then used to set rates. A free smartphone app is also available which allows drivers to monitor their driving behavior. More below:

(PR Newswire, March 11, 2014)

(Bloomberg TV, 4:36 Video, January 2, 2014)

Comment: It's amazing, don't you think. Tons of folks are up in arms about potential cell phone tracking, but as soon as the calculus changes to saving money (using a similar approach), and/or "opt-in" is clearly a conscious decision, objections seem to disappear. Perhaps a point worthy of consideration for those currently in hot water over tracking issues.

Picture credit: sfgate.com

No comments:

Post a Comment