Market Applications
With DriveSync, insurance companies are able to expand their current market potential by offering affordable rates to low mileage drivers, safety-conscious drivers, teen drivers and commercial operators.
Low Mileage Drivers
DriveSync is an attractive alternative to the conventional ‘fixed rate’ for those motorists who reside close to their place of employment, have a second leisure vehicle, or who opt not to drive habitually.
Safe Drivers
Safe drivers aim to reduce the risks associated with driving by anticipating dangerous situations despite adverse conditions or the mistakes of others. DriveSync helps to reward safe drivers by monitoring and reporting safe driving data to insurance providers.
Teen Drivers
The addition of a teenaged driver to a family’s current insurance policy can increase a vehicle’s premium significantly. DriveSync can identify the real risks associated with a new driver, by validating exactly when, where and how the vehicle is driven.
DriveSync offers a slightly more attractive option to existing and often long-term clients, ensuring relationships remain positive and profitable.
Commercial Operators
DriveSync permits businesses to more accurately allocate vehicle expenses, gain greater control of vehicle costs, and more precisely forecast and budget for those costs by identifying problematic patterns and drivers.
DriveSync can also enable Usage Based Insurance (UBI) programs that would appeal to the following:
Low Income Drivers
High insurance rates, vehicle maintenance, repairs, and fuel costs can often deter low income drivers from driving as frequently or with as much insurance as their middle-class counterparts. Despite driving less, low income driver’s insurance rates are much the same as a high mileage driver with the same vehicle and comparable driving record.
Seasonal or Specialty Vehicle Motorists
DriveSync is an affordable policy option for those with secondary or seasonal vehicles that are either driven infrequently or leisurely; for example, a summer convertible, weekend classic, or winter beater.
Cost-Conscious Drivers
Many cost-conscious drivers will actively seek ways to reduce vehicle ownership and operation expenses. DriveSync can decrease vehicle fuel costs, maintenance costs, and insurance rates by identifying and reporting poor driving habits. This allows the policyholder to make the necessary changes needed to save more money.
High Risk Drivers
An otherwise safe driver who is flagged as a ‘high risk’ can often be subject to undue penalties like increased premiums, fines and even cancellation as a result of the rare speeding ticket or accident.
DriveSync can provide the necessary information needed to validate a safe driving record sooner. Using GPS tracking technology and accurate data reports, a ‘high risk’ driver will only need to pay an increased premium until they are able to prove that they are indeed safe behind the wheel.
