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What is Usage-Based Insurance (UBI)?

24 Aug 2020

Usage-Based Insurance (UBI), also known as pay as you drive (PAYD), is a vehicle insurance product where the insurer’s premium is calculated according to their driving behaviour. UBI operates with the help of IoT telematics and captures dynamic data from in-car devices.

Usage-Based Insurance monitors the driver’s behaviour, speed and mileage. Drivers can also review their driving patterns, scores for speed and road usage. All data can be accessed easily through the IoT platform connected to UBI.

References:

https://www.creditkarma.com/auto/i/usage-based-insurance

https://www.insurancebusinessmag.com/asia/guides/what-is-usagebased-insurance-116606.aspx

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