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U.S. drivers are open to purchasing usage-based auto insurance (UBI) policies, or “pay as you drive” insurance, and are even more interested when told their premiums would go down, according to a survey.

According Towers Watson, the results of its survey indicate that UBI is gaining momentum in the marketplace, with more consumers willing to let insurers monitor their driving habits with a telematics device in exchange for potential savings on their car insurance.

Most (79%) respondents to the UBI Consumer Survey indicated they either would buy a UBI policy or are willing to consider the concept, and if insurers would guarantee drivers’ premiums would not rise, that percentage increased to 89%.

The survey found that interest in UBI programs is highest among younger drivers (18- to 34-year-olds) with approximately two-thirds (66%) saying they would definitely or probably purchase a UBI policy. Roughly half (54%) of the participants who drive every day showed a strong interest in UBI.

You can read the full article courtesy of Insurance Journal here


Posted 1:11 PM

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