Location-based vehicle risk assessment system

• US 7,343,306 B1
• Filed: 04/20/2000
• Issued: 03/11/2008
• Est. Priority Date: 04/20/2000
• Status: Expired due to Term

• Current Assignee: Google LLC (Alphabet Inc.)
• Original Assignee: International Business Machines Corporation
• Inventors: Nelson, Eric John, Bates, Cary Lee, Santosuosso, John Matthew, Jones, Steven Paul
• Primary Examiner(s): Thomas; Joseph
• Assistant Examiner(s): Frenel; Vanel
• Application Number:
  US09/553,010
• Time in Patent Office: 2,882 Days
• Field of Search: 705/4, 705/40, 701/36, 701/33, 701/35
• US Class Current: 705/4
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

An apparatus, program product and method track the location of a vehicle during at least a portion of a period of the time associated with an economic transaction so that risks associated with the actual usage of the vehicle can be accommodated in the costs for the transaction. In particular, a determination is made during a time period associated with an economic transaction as to whether the vehicle is located at a location having an increased level of risk. Costs for the economic transaction are then adjusted based at least in part on the presence of the vehicle in a location with an increased level of risk. In one exemplary environment, car rental rates are adjusted based upon the actual usage of a rented vehicle. In another exemplary environment, insurance premiums are adjusted based upon the actual usage of an insured vehicle. In either event, usage that results in a vehicle being located in areas of comparatively higher risk can be accounted for in additional transactional costs, resulting in improved allocation of risk and minimization of economic inefficiencies.

Claims

1. A method of conducting an economic transaction associated with rental of a vehicle over a period of time, the method comprising:

(a) tracking the location of the vehicle during at least a portion of the period of time associated with the rental, including detecting that the vehicle is located at a location having an increased level of risk; and

(b) adjusting a cost associated with the economic transaction associated with the rental at least in part based on the location of the vehicle at the location having the increased level of risk;

wherein tracking the location of the vehicle includes calculating the location of the vehicle at a point in time using a location sensor coupled to the vehicle and storing a timestamped entry in a database identifying the point in time and the calculated location of the vehicle at such point in time, wherein tracking the location of the vehicle further includes determining a current region for the vehicle from the calculated location, wherein calculating the location of the vehicle includes calculating a second location for the vehicle at a second point in time, and wherein storing the timestamped entry in the database includes storing a second timestamped entry in the database for the second calculated location only if the region associated with the second calculated location differs from the region associated with the first calculated location.

2. The method of claim 1, wherein the current region is selected from a plurality of regions, the method further comprising assigning a level of risk to each of the plurality of regions.

3. An apparatus, comprising:

(a) a vehicle location tracking system configured to track the location of a vehicle during at least a portion of a period of time associated with an economic transaction associated with rental of the vehicle; and

(b) a program configured to receive location information from the vehicle location tracking system to identify the location of the vehicle during the portion of the period of time associated with the economic transaction associated with rental of the vehicle, at least a portion of the location information indicating that the vehicle was located at a location having an increased level of risk, the program further configured to adjust a cost associated with the economic transaction associated with rental of the vehicle at least in part based on the location of the vehicle at the location having the increased level of risk;

wherein the vehicle location tracking system comprises a location sensor coupled to the vehicle, and wherein the vehicle location tracking system further includes a second program configured to store the location information in the form of timestamped entries, each identifying one of a plurality of regions and a time at which the vehicle was located in such region, the second program further configured to add a timestamped entry at a second point in time only when a current region for the vehicle at the second point in time differs from a previous region for the vehicle at a first, previous point in time.

4. The apparatus of claim 3, wherein each of the plurality of regions is associated with a level of risk.