Car Insurers Promise Discounts to Monitor Your Driving
This article is for subscribers only.
Insurance companies around the world are promising lower rates on car coverage. The catch is they want to install the equivalent of an airplane’s black box to track how and where you drive.
Smartphone applications and devices that record trip and vehicle data are set to infiltrate auto insurance at a rapid pace, bolstered by discounts of as much as 30 percent. Consultancy Oliver Wyman forecasts that car insurance using driver data to set prices will grow 40 percent a year to become a $3.6 billion market by 2020.