Telematics / Usage Based Insurance
Have you ever wondered or taken the time to consider what your driving habits are? No?! Well you are not alone. Most Canadians do not know what their driving habits are. This is because they don’t pay attention to, or monitor their habits.
Can your driving habits change the price you pay for insurance? Yes! Ontario drivers do not know that there are big discounts available to them if they drive well. Now Ontario drivers can get a handle on this by using a telematics device that measures their driving habits and has allowed companies to create usage based insurance premiums. Did you know that there are insurance companies who now provide big discounts on your insurance, based on your driving habits?Certain insurance companies in Ontario are now using telematics technology to offer big discounts for drivers who simply drive well. This is called Usage Based Insurance, also referred to as UBI.
What is Telematics or Usage Based Insurance?
Telematics is a GPS device that transmits data about your driving behavior from your vehicle. By using this, an insurance company can monitor your driving habits and provide a discount ranging from 5% up to 25% based on your usage based statistics. Currently there are three pieces of data that are collected and used to discount your insurance:
- Night driving between the hours of midnight and 4 am
The best part is that you can monitor your driving habits, correct your bad habits and increase your discount! You now have control, so drive well and save more.
Why do I want to enroll in telematics or Usage Based Insurance?
Telematics helps your insurance price by allowing for an immediate discount by enrolling in the program. Some insurance companies will offer you an immediate 5% or 10% discount just for enrolling in the program.
This technology isn’t new. It is at least 10 years old and is used every day in commercial vehicles and formula one cars. By 2017 all passenger vehicles will have this technology built into each car!
It helps you to monitor your driving habits. 90% of collisions are linked to behaviour, not just the ability to handle a vehicle. 1 in 5 young drivers will have a collision within the first 6 months on the road.
Who can use it?
All drivers in Ontario can benefit from telematics or usage based insurance. People who use their vehicle to commute to work every day and who use their vehicle for personal use, can monitor how they accelerate, brake and the time of night driven, to help increase their discount and lower their insurance costs. People or businesses who use their vehicles for business or commercial purposes can use it to monitor driving habits as well. If you are a business owner who owns a fleet of commercial vehicles…you can now monitor how your vehicles are being driven by your drivers and can get a bigger discount to save money on your insurance costs.
How can I get it?
We can help you enroll in a telematics program! Today we are able to offer enrollment through Intact Insurance’s program called myDriving Discount, Aviva Insurance through IBRI/Quindell Communications, and Unica’s Fleet Advisor.
Contact us today to see how you can control your driving habits and save money on your insurance premiums now!