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Auto Insurance Premiums’ Big Digital-First Shift – pymnts.com

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The coronavirus has forced a reckoning with daily financial life, with belt-tightening and budgeting.

And as tens of millions of Americans stay at home, work from home, shop from home (and have things delivered), and as the kids are learning at home – cars and vans and trucks sit idle in driveways and on side streets.

It stands to reason that the risk of accidents declines when the vehicles (and the drivers piloting them) are off the roads.

To that end, the stage may be set for a data-driven model for vehicle insurance, where premiums are tied to usage, which reflects actual real-time and real-world risk.

In an interview with PYMNTS, Metromile CEO Dan Preston noted that any number of industries, including insurance, are moving toward a digital-first mindset.

First and foremost, though, individuals and families are examining whether their insurance policies might be in need of adjustments.

“I think the biggest impact everyone’s aware of is that miles driven are down by about 60 percent,” Preston said of the pandemic. “People are reassessing their options as they find that they’re obviously not using the insurance they bought….



Read More: https://www.pymnts.com/innovation/2020/digital-first-shift-for-vehicle-insurance/

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Source: https://www.pymnts.com/innovation/2020/digital-first-shift-for-vehicle-insurance/

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