Usage-Based Insurance – Telematics Revolution in Automobile Insurance Industry fecundservices.com

UBI is present in the market for quite a few years now, but the usage-based insurance market is relatively niche. However, the COVID-19 outbreak has disrupted the entire automotive industry and according to various insurance organizations/institutes, the COVID-19 pandemic gave a boost to the UBI industry. For example, according to Insurance Information Institute (iii), US witnessed a strong boost as vehicle owners did not want to pay full automotive insurance premiums. Usage Based Insurance is always a better deal than the Traditional Insurance for drivers who are driving less mileage and safely.