System and method for the assessment, pricing, and provisioning of distance-based vehicle insurance
First Claim
1. A 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 a selection from the customer of 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 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.
69 Citations
20 Claims
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1. A 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 a selection from the customer of 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 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)
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13. A method of providing automobile insurance, the method comprising:
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receiving customer information from a customer;
receiving automobile information from the customer, the automobile information including a first odometer reading of an automobile;
determining a rate based upon the customer information and the automobile information;
offering at least one insurance policy option, the at least one option including an offer to insure the automobile at a cost per unit distance of coverage;
receiving a customer selection of a number of units of distance of coverage;
receiving a payment for the number of units of distance of coverage, the payment based on the cost per unit distance; and
insuring the customer and automobile while a current odometer reading of the automobile is less than the sum of the first odometer reading and the customer selection of a number of units distance of coverage;
wherein an odometer audit is not performed prior to initiating coverage for the automobile and customer. - View Dependent Claims (14, 15, 16, 18)
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17. A method of providing automobile insurance, the method comprising:
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receiving customer information from a customer;
receiving automobile information from the customer, the automobile information including a first odometer reading of an automobile;
determining a comprehensive insurance rate based upon the customer information and the automobile information;
determining a collision and liability insurance rate based upon the customer information and the automobile information;
offering at least one insurance policy option, the at least one option including an offer to insure the customer and automobile at a rate per unit of time for comprehensive insurance and a cost per unit distance for liability and collision insurance;
providing comprehensive insurance to the customer and automobile while a customer selected unit of time has not lapsed; and
providing collision and liability insurance to the customer and automobile while a current odometer reading of the automobile is less than the sum of the first odometer reading and a customer selected of a number of units distance of coverage;
wherein an odometer audit is not performed prior to initiating coverage for the automobile and customer. - View Dependent Claims (19, 20)
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Specification