How IoT will change Auto Insurance
images: iothub.com.au To determine policy premiums, auto insurers have traditionally used factors such as driving record, vehicle usage and insurance history. This is in addition to outside variables like customer location (collision/theft rates in the area), age and gender (teen males tend to have higher rates), and non-driving elements like credit score.Recently, however, some insurance companies have begun to harness the internet of things to monitor real-time driving habits. By employing telematics devices, which plug in to the vehicle’s on-board diagnostic port, insurers are provided with analytics about a policyholder’s specific behind-t...