Calculation of driver score based on vehicle operation for forward looking insurance premiums
First Claim
1. A method of determining a cost of automobile insurance in a predictive manner based upon monitoring, recording and communicating data representative of operator and vehicle driving characteristics, the method comprising:
- monitoring the activity of the vehicle for a first period of time;
calculating a driver score based at least in part on the vehicle activity during the first period of time; and
applying the driver score to determine the future terms of an insurance policy for the insured vehicle.
1 Assignment
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Accused Products
Abstract
The monitored use of a vehicle provides accurate and reliable data that can be used to determine the insurable risk of a vehicle operator. What is disclosed is a system and method for monitoring vehicle operation and using the collected data to calculate a driver score. The driver score can then be applied to ascertain the risk of insuring a particular driver, as well as being used as a tool for defining or adjusting the terms of an insurance policy for an insured driver. The collection of data such as the times the vehicle is operated, the locations the vehicle is operated and the speeds or other characteristics of how the vehicle is operated can all be used to calculate the driver score. By installing a vehicle monitor within a vehicle and extracting this or similar data, more accurate and profitable insurance policies can be developed.
522 Citations
12 Claims
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1. A method of determining a cost of automobile insurance in a predictive manner based upon monitoring, recording and communicating data representative of operator and vehicle driving characteristics, the method comprising:
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monitoring the activity of the vehicle for a first period of time;
calculating a driver score based at least in part on the vehicle activity during the first period of time; and
applying the driver score to determine the future terms of an insurance policy for the insured vehicle.
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2. A method of determining a cost of automobile insurance in a predictive manner based upon monitoring, recording and communicating data representative of operator and vehicle driving characteristics, the method comprising:
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installing a vehicle monitor within a vehicle;
monitoring the activity of the vehicle for a first period of time;
calculating a driver score based at least in part on the vehicle activity during the first period of time;
applying the driver score to determine the terms of an insurance policy to be issued for the insured vehicle;
monitoring the activity of the vehicle for a subsequent period of time;
adjusting the driver score based at least in part on the vehicle activity during the subsequent period of time; and
modifying the terms of the insurance policy on a forward going basis. - View Dependent Claims (3, 4, 5, 6)
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7. A system for calculating a driver score and applying the driver score in the determination of the terms of an insurance policy to be issued, the system comprising:
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a recording system that is installable within a vehicle;
a GPS interface that is couple to the recording system;
a vehicle bus interface that is couple to the recording system;
a transmitter coupled to the recording system for transmitting vehicle operation data obtained by the recording system through the GPS interface and the vehicle bus interface;
a receiver that is communicatively coupled to the transmitter for receiving the vehicle operation data; and
a central system that is coupled to the receiver and operable to;
calculate a driver score based at least in part on the vehicle operation data; and
apply the driver score determine the terms of the insurance policy. - View Dependent Claims (8, 9, 10, 11, 12)
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Specification