System and method for the assessment, pricing, and provisioning of distance-based vehicle insurance
First Claim
1. A computer implemented method for assessing, pricing, and provisioning distance-based vehicle insurance, the method comprising:
- receiving identification information of a customer and an associated vehicle;
receiving a current odometer reading of the vehicle;
providing a plurality of coverage types to the customer;
providing the customer with at least one quote upon receiving an input selecting one of the coverage types, wherein the quote includes a policy rate identifying a cost per distance unit based on the customer and vehicle identification information;
providing the customer with a plurality of pre-calculated items based on the quote, wherein each item includes a total number of distance units for purchase at the policy rate; and
performing a purchase transaction for an insurance policy in response to input from the customer selecting one of the items for purchase, wherein coverage provided by the insurance policy is based on an expiration odometer value defined as the sum of the current odometer reading and the total number of distance units included in the selected item, and wherein the current odometer reading is not audited prior to or during the purchase transaction.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for assessing, pricing, and provisioning distance-based vehicle insurance are provided. In one example, the method receives identification information of a customer and an associated vehicle, and a current odometer reading. Multiple coverage types are provided to the customer, as is at least one quote when the customer selects one of the coverage types. The quote includes a policy rate identifying a cost per distance unit based on the identification information. The customer is provided with multiple items based on the quote, where each item includes a total number of distance units for purchase at the policy rate. An insurance policy may be purchased in response to the customer selecting one of the items. The insurance policy'"'"'s coverage is based on an expiration odometer value defined as the sum of the current odometer reading and the total number of distance units included in the selected item.
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Citations
28 Claims
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1. A computer implemented method for assessing, pricing, and provisioning distance-based vehicle insurance, the method comprising:
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receiving identification information of a customer and an associated vehicle;
receiving a current odometer reading of the vehicle;
providing a plurality of coverage types to the customer;
providing the customer with at least one quote upon receiving an input selecting one of the coverage types, wherein the quote includes a policy rate identifying a cost per distance unit based on the customer and vehicle identification information;
providing the customer with a plurality of pre-calculated items based on the quote, wherein each item includes a total number of distance units for purchase at the policy rate; and
performing a purchase transaction for an insurance policy in response to input from the customer selecting one of the items for purchase, wherein coverage provided by the insurance policy is based on an expiration odometer value defined as the sum of the current odometer reading and the total number of distance units included in the selected item, and wherein the current odometer reading is not audited prior to or during the purchase transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer implemented method for automatically generating a reminder for a distance-based insurance policy for a vehicle, the method comprising:
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collecting at least one odometer reading of the vehicle;
calculating whether the odometer reading is within a predefined number of distance units from an expiration odometer value of the insurance policy, wherein the insurance policy expires when the vehicle'"'"'s odometer reading exceeds the expiration odometer value;
generating a reminder for the customer if the odometer reading is within the predefined number of distance units; and
sending the reminder to the customer. - View Dependent Claims (15, 16, 17, 18, 19)
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20. A system for assessing, pricing, and provisioning distance-based vehicle insurance, the system comprising:
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a processor;
a memory accessible to the processor, the memory configured to store information associated with a plurality of distance-based insurance options;
a display device coupled to the processor and configured to display information selected by the processor to a user;
an input device coupled to the processor and configured to receive information entered by the user; and
a plurality of instructions executable by the processor, including;
instructions for receiving user and vehicle information via the input device, including a current odometer reading of the vehicle;
instructions for determining an actuarial rate class based on the user and vehicle information;
instructions for providing a plurality of coverage types to the user via the display device;
instructions for providing the user with at least one quote upon receiving an input selecting one or more of the coverage types, wherein the quote includes a total number of distance units for purchase and a policy rate identifying a cost per distance based on the user and vehicle identification information and actuarial rate class; and
instructions for performing a purchase transaction in response to input from the user indicating a purchase for insurance corresponding to the quote. - View Dependent Claims (21, 22, 23, 24, 25, 26, 28)
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27. The system of 26 wherein the instructions for calculating the credit include calculating a number of additional miles to be added to the account, wherein the additional miles are equal to ((a percentage)*(a dollar value of the insurance policy purchased by the user))/(the referring user'"'"'s policy rate).
Specification