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 and a garaging location 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 and the garaging location;
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 expires based on the earlier of an odometer expiration value occurring and a predetermined time limit;
wherein the expiration odometer value is 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.
3 Assignments
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Accused Products
Abstract
A method for assessing, pricing, and provisioning distance-based vehicle insurance is disclosed. Receiving identification information of a customer and an associated vehicle, a current odometer reading of the vehicle, and a garaging location of the vehicle is disclosed. The customer is provided with a quote including a policy rate identifying a cost per distance unit based on the customer and vehicle identification information and the garaging location. 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 expires based on the earlier of an odometer expiration value occurring and a predetermined time limit is disclosed. The expiration odometer value is the sum of the current odometer reading and the total number of distance units included in the selected item. The current odometer reading is not audited prior to or during the purchase transaction.
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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 and a garaging location 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 and the garaging location;
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 expires based on the earlier of an odometer expiration value occurring and a predetermined time limit;
wherein the expiration odometer value is 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)
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10. 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, customer-supplied odometer reading of an automobile and a garaging location of the 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;
assessing a policy fee for insuring the customer and automobile based on a cost per unit distance;
receiving a payment for the number of units of distance of coverage and the policy fee, the payment based on a total cost per unit distance, the total cost per unit distance including the cost per unit distance of coverage for insurance and the policy fee; 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 and while a predetermined period of time has not lapsed;
wherein an odometer audit is not performed prior to initiating coverage for the automobile and customer. - View Dependent Claims (11, 12, 13, 14, 15, 16)
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17. 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, actuarial rate class, and predetermined expiration date of the policy; 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 (18, 19, 20)
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Specification