Hi, Caleb Walker here with Walker-Winter Insurance and MissouriInsuranceCenter.com. Today I want to talk about a way you may be able to save money on your auto insurance using something the insurance companies call “telematics”. It’s a way for them to track your driving over a certain period of time to develop a rate, or a discount, on your auto insurance policy. Now, every program is a little different depending on the insurance company, but the main things they’re going to track are going to be; how quickly you accelerate, how fast you stop, the time of day you’re driving and mileage. Some will even look at your speed and usage of your phone while driving. They do it in a couple of different ways, number one, they have a device you plug into your diagnostic port. The other thing is you can just download an app to your phone and they’ll track from there.
Now, like I said earlier, every company is a little different, so it’s very important for you to know the pros and cons of each program depending on what insurance company you’re with. So reach out to us, let us explain that to you. Below I’ve given you the pros and cons from the carriers that we represent, the types of programs that they offer, and my opinions on them.
Please reach out to us if you have any questions about your policy or if you’d like to get a quote, (800) 516-3322. Thanks, Caleb
Safeco RightTrack Overview
What is it tracking?
- Miles Driven
- Nighttime Driving
- Hard Breaking
- Harsh Acceleration
Pros:
- Up to a 30% discount
- 10% Initial Discount
- Stays on for the life of the policy
- WILL NOT INCREASE YOUR RATE
- GUARANTEED 5% DISCOUNT
Cons:
- App only in some sates (App only in Missouri)
- Must drive at least 125 miles for full discount
- Each driver on policy must participate for full discount
Travelers IntelliDrive Overview
What is it tracking?
- Miles Driven
- When You Drive
- Hard Breaking
- Harsh Acceleration
- Idle Time
Pros:
- Up to a 20% discount
- Initial Discount (varies)
- Stays on for the life of the policy
- Will not increase your rate
- Can get out within 45 days of driving
- Only 90 days of tracking
Cons:
- App only
- From my personal experience, it can be inconsistent
- CAN INCREASE YOUR RATE
- Each driver on policy must participate for full discount
Nationwide SmartRide Overview
https://www.nationwide.com/personal/insurance/auto/discounts/smartride/videos/overview6
What is it tracking?
- Miles Driven
- Night Time Driving
- Hard Breaking
- Harsh Acceleration
- Idle Time
Pros:
- Up to a 400% discount
- 10% Initial Discount
- Choice of App or Diagnostic Device
- Stays on for the life of the policy
- Will not increase your rate
Cons:
- 4-6 months of tracking
- Each driver on policy must participate for full discount (app)
Progressive Snapshot Overview
What is it tracking?
- Miles Driven
- Time of Day
- Hard Breaking
- Harsh Acceleration
- Driving Duration
- Trip Regularity
- Phone Usage While Driving (on app)
Pros:
- Up To A 10% Initial Discount
- Choice of App or Diagnostic Device
- Stays on for the life of the policy
- Will not increase your rate
- Can get out up to 45 days into program
Cons:
- 4-6 months of tracking
- Tracks phone usage, even that of passengers using your phone
- Device tracks for a full policy period (normally 6 months)
- CAN INCREASE YOUR RATE
- Unknown maximum discount
- Each driver on policy must participate for full discount
WINNER?
Slight edge to Safeco over Nationwide. The shorter time period of tracking is a big advantage in my eyes.
