What Is A GPS Tracker for Usage-based Insurance(UBI)?
Usage-based insurance GPS tracker is small device that collect the dataabout driver’s driving habits and provide it to the insurance company. You get a driving score and often tips for improving your score. The better you drive, the better your auto insurance rates.The devices won’t change the way auto operates and won’t cause any harm to it.
Why Usage-based Insurance(UBI) Tracker Exists?
Tracking devices allow auto-insurance companies to accurately identify their safest drivers and then reward them with discounts. The discounts are also an excellent way for insurers to attract new customers.
The devices also help auto-insurance companies combat phony insurance claims. Part of the cost for those phony claims gets passed along to honest customers. Tracking devices help stop fraud and help keep insurance prices from rising.
How Usage-based Insurance(UBI) Tracker Works?
1 What Data Is Tracked?
-Location
-Speed
-Hard braking
-Quickly accelerate
-Fast cornering
-Mileage
-Time of day
-How frequently you drive
2 How the Data Works?
2.1 for daily management of insurance companies：
When the insurance company receives this data, they can determine a safe driver who follows the rules of the road, or if the driver has poor driving habits, like frequently speed. The insurance company will use this data to set driver’s insurance rates.
2.2 for insurance companies to identify fake claims:
The data collected by the tracker may help the company identify fake claims and reduce losses from fake claims.
2.3 for anti-theft:
Both insurance companies and the driver can collect the data immidately once the car has been stolen to find the car easily and quickly. The insurance companies can reduce losses from the claim of car stolen.
2.4 the benefits for end-users:
lf you’re a safe driver, you may be able to get a lower premium with a UBl program. You may also be able to save money if you’ve made one or more previous accident claims. UBI plans measure driving in real time using telematics and may not rely as much on historical data like your driving record.