A system to allow "pay per risk"/"pay per use" on vehicle assurance
Original Publication Date: 2005-Feb-16
Included in the Prior Art Database: 2005-Feb-16
One of the things that mainly disappoints assurance customers is paying a specific sum of money without referring to the real risk exposition. For example a car assurance does not evaluate how much the customer's car travels. Already existing solutions are based on a statistical method. It takes into account some values like the age of the drivers, the age of the car, the job of the owner of the car... The main drawback is that the known method is based on statistics which may not reflect real use of vehicles and therefore real risk. The idea is to have a device plugged in the vehicle board computer, which registers events and collects quantities that may be of interest from an assurance billing perspective, and which can be retrieved from the board computer environment. Periodically, cached information collected by the agent should be sent to a central repository through an on board transmission apparatus, exploiting existing networks and available transmission protocols. Data stored in the central database repository are then analyzed by a software application layer that is able to produce bills and useful statistics about vehicle use to be optionally made available to users, for example through the internet.