If you’re looking to save money on your auto insurance, look for an insurance company using DriveFactor. That is only if you are a good driver of course! DriveFactor, which used to be known as Crimson Informatics, is a sytem that tracks your driving habits and could save you big money on your auto insurance rates. According to a company press release, DriveFactor is expanding as more auto insurance companies decide to offer this discount system to their customers.
Mobile technology combines with informatics to monitor your safe driving habits and DriveFactor says that you can save up to 50% off of your auto insurance rates. Usage-based insurance (UBI) programs are already being used by Progressive, State Farm, Allstate auto insurance and others. A diagnostic device is placed in the vehicle to monitor everything from speed to distance between other vehicles. After a specific time period of monitoring, drivers are given a DriveFactor Score. Those with the highest scores get the highest discounts on their auto insurance.
DriveFactor benefits both drivers and auto insurance companies. It is very cost-effective for auto insurance companies and allows them to offer discounts to drivers they know are less likely to drive dangerously and take risks. Use of DriveFactor can give auto insurers quite an advantage in their industry and it also saves drivers money, which makes them happy. The information gathered is really the best way to accurately price car insurance for customers. DriveFactor is available in the United States and Europe right now, but will likely expand even farther in the future.