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Telematics insurance is an insurance program based on current driving behavior as opposed to historic achievement and is sometimes called black box insurance. Telematics Insurance is designed to match engine drivers with customized performance premiums. Some insurers are implementing black-box practices in order to establish an insurance policy for car owners for pay as you drive (PAYD) or pay how you drive (PHYD). In most cases, insurers quote drivers a fixed premium based on the number of miles permitted per year in a standard insurance policy.
The auto driver only pays for what they use in terms of miles traveled under a PAYD or PHYD policy. PAYD or PHYD are also referred to as usage-based insurance (UBI) because the insurer only charges the user for the number of miles driven as documented by the black box device or application. The rising demand for autonomous vehicles and the increasing false insurance
Usage Based Insurance for Automotive Market to Witness Huge Growth by 2026 : Allstate, Liberty Mutual, AXA
ReleaseWire
Edison, NJ (SBWIRE)
03/05/2021 Latest released the research study on Global Usage based Insurance For Automotive Market, offers a detailed overview of the factors influencing the global business scope. Usage based Insurance For Automotive Market research report shows the latest market insights, current situation analysis with upcoming trends and breakdown of the products and services. The report provides key statistics on the market status, size, share, growth factors of the Usage based
Insurance For Automotive. The study covers emerging player s data, including: competitive landscape, sales, revenue and global market share of top manufacturers.