Home Technology 3 Ways Technology is Changing the Car Insurance Industry

3 Ways Technology is Changing the Car Insurance Industry

3 min read

Whenever we think about technology and cars we tend to think about self-driving cars, GPS, roadside assistance, ridesharing services, and other factors. However, most of us don’t think about insurance. But the world of technology is impacting the car insurance world as well, and there are plenty of changes being made that are going to change the way we insure ourselves as we drive.

Here are some of the amazing ways that technological advances are changing the world of car insurance.

Telematics Is Starting To Determine Premiums

Whenever you seek out car insurance, you will find that most of the time the insurance company can track your driving habits. They do this because of telematics, which is a monitoring device that can track data about you as you drive (details here). This data includes locations, speeds, driving distances, and accidents which are then factored into your insurance premium, according to TechTarget.

So if you are an aggressive driver and are on the road a lot, you might pay a higher premium than a more cautious driver. Driving habits have been used to determine insurance premiums before, but they are getting much easier due to the rise of telematics and other technology.

You Can Cover Modern Driving Situations Through Rideshare Insurance

If you are making money as a rideshare driver through a company like Uber or Lyft, then rideshare insurance is what protects you from accidents while you are on the job. Rideshare insurance covers the gap between your personal car insurance as well as the employer provided commercial insurance that you will get. 

Adding rideshare insurance doesn’t have to be something that you do, but it can prevent you from paying high out of pocket costs if you get into an accident or get injured outside of the windows set by your insurance coverage.

Rideshare insurance coverage keeps you covered end to end while you are on the job, whether you are currently picking up a customer or not. If you plan to have a rideshare service be your full time job, then make sure that you look for a great service provider. To do this, you can look for reviews of different services, and gauge how they will work for you. For example, click here to read about Progressive Insurance reviewed.

Machines Are Automating Claims

Finally, whenever you need to file an insurance claim after a car accident, it can be a very nerve wracking process as you are likely still rattled from the car accident and might have trouble remembering the critical details of the accident. 

Machine learning is starting to pre-populate forms with basic information so you don’t need to stress about it and can turn all your brain power towards the accident and remembering the details in question.

Machine learning not only makes filing claims even quicker, but it also reduces the stress for everyone involved and also prevents mistakes that can make the entire process last even longer. That way, the claims can be filed and insurance workers can start the process of handling the cases even faster, without needing to go back and forth

Car Insurance Is Going To Keep On Changing

All the ways that technology is changing the world of car insurance seem revolutionary right now, but they will quickly be surpassed within a few years. It’s amazing to watch how technological advances are making everything easier and the advancement isn’t stopping. 

Car insurance, and personal insurance, is going to keep on changing and growing as new pieces of technology are introduced, says Resclaim, and in a few years who knows what it is going to look like?

Last Updated: March 30, 2023

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