How To Get Cheap Auto Insurance
Car insurance firm insurethebox is using a business analytics appliance to analyse drivers’ habits and set insurance premiums based on how safe they drive using telematics.
The company targets young drivers to encourage safer driving and help reduce the cost of their car insurance. It places a telematics device slightly bigger than a mobile phone under their dashboards and connects it to a GPS and other sensors.
A motor officer writes a traffic ticket for a motorist caught speeding Photo © by Jeff Dean (Photo credit: Wikipedia)
A motor officer writes a traffic ticket for a motorist caught speeding Photo © by Jeff Dean (Photo credit: Wikipedia)
COMMENTARY | Many things in life are a phenomenal waste of money. For auto insurance companies, it seems to be advertising.
A recent report by Forbes shows that the auto insurance industry spent $5.7 billion on advertising in 2011. By comparison, the entire industry only spent 3.3 billion in 2006. Unfortunately, not many people care. Jeremy Bowler, senior director of the insurance practice for J.D. Power & Associates told Forbes that despite their huge advertising efforts, the auto insurance companies aren’t seeing a big increase in customers.
J.D. Power and Associates surveyed drivers on their auto insurance habits. Only 25 percent of drivers said they had shopped for car insurance in the last year. However, of those who shopped around, 43 percent ended up switching to a new auto insurance provider, according to Forbes.
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