SYSTEMS AND METHODS FOR PROCESSING ADDITIONAL DISTANCE UNITS FOR DISTANCE-BASED INSURANCE POLICIES

• US 20140257866A1
• Filed: 03/10/2014
• Published: 09/11/2014
• Est. Priority Date: 03/10/2013
• Status: Abandoned Application

• Current Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Original Assignee: State Farm Mutual Automobile Insurance Company (State Farm)
• Inventors: Gay, Christopher E., Christensen, Scott T., Hayward, Gregory, Cielocha, Steven, Binion, Todd
• Application Number:
  US14/202,812
• Publication Number:
  US 20140257866A1
• Time in Patent Office: Days
• US Class Current: 705/4
• CPC Class Codes: B60C 1/00 Tyres characterised by the chemical composition or the physical arrangement or mixture of the composition
• CPC Class Codes: B60Q 1/00 Arrangement of optical signalling or lighting devices, the mounting or supporting thereof or circuits therefor for lighting vehicle interior B60Q3/00
• CPC Class Codes: B60R 25/20 Means to switch the anti-theft system on or off
• CPC Class Codes: G06Q 10/0635 Risk analysis of enterprise or organisation activities
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0208 Trade or exchange of goods or services in exchange for incentives or rewards
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G07C 5/00 Registering or indicating the working of vehicles
• CPC Class Codes: G07C 5/008 communicating information to a remotely located station transmission systems for measured values G08C
• CPC Class Codes: G08G 1/096838 where the user preferences are taken into account or the user selects one route out of a plurality
• CPC Class Codes: H04W 4/40 for vehicles, e.g. vehicle-to-pedestrians [V2P]

Abstract

Methods and systems for processing distance-based insurance policies for vehicles. According to aspects, a distance-based insurance policy for a customer specifies an amount of distance units for insured vehicle travel and has an associated policy term. Before the expiration of the policy term, an insurance provider may determine that few or no distance units remain. Accordingly, the insurance provider may estimate an additional amount of distance units that the customer may want to purchase. The insurance provider can send an offer for the additional amount of distance units to the customer and the customer can select to purchase the additional amount of distance units.

Claims

1. A computer-implemented method of processing insurance coverage, the method comprising:

facilitating, by one or more processors, a purchase transaction with a customer for a distance-based insurance policy associated with a vehicle, a coverage provided by the insurance policy (1) is based on an expiration odometer value defined as the sum of an initial odometer reading of the vehicle and an amount of distance units specified by the distance-based insurance policy, and (2) expires at the end of a policy term;

before the policy term expires, receiving a subsequent odometer reading of the vehicle;

based on the subsequent odometer reading, determining, by the one or more processors, that the expiration odometer value has been reached or is close to being reached; and

facilitating, by the one or more processors, an additional purchase transaction with the customer for an additional amount of distance units.

2. The computer-implemented method of claim 1, wherein receiving the subsequent odometer reading of the vehicle comprises:

requesting an electronic device associated with the customer to provide the subsequent odometer reading; and

receiving the subsequent odometer reading from the electronic device.

3. The computer-implemented method of claim 1, further comprising:

providing the expiration odometer value to an electronic device associated with the customer, wherein receiving the subsequent odometer reading of the vehicle comprises;

automatically receiving the subsequent odometer reading from the electronic device when the electronic device detects that the expiration odometer value has been reached or is close to being reached.

4. The computer-implemented method of claim 1, wherein facilitating the additional purchase transaction with the customer comprises:

providing the customer with an offer for the additional amount of distance units; and

receiving an acceptance of the offer from the customer.

5. The computer-implemented method of claim 4, wherein providing the customer with the offer comprises:

providing the customer with the offer, wherein each of the additional amount of distance units costs a different or same amount as each of the amount of distance units.

6. The computer-implemented method of claim 1, wherein facilitating the additional purchase transaction with the customer comprises:

responsive to determining that the expiration odometer value has been reached or is close to being reached, automatically charging an account of the customer for the additional amount of distance units.

7. The computer-implemented method of claim 1, further comprising:

estimating the additional amount of distance units based on the subsequent odometer reading and a time remaining on the policy term.

8. A method on an electronic device associated with a vehicle, the method comprising:

facilitating, by one or more processors, a purchase transaction with an insurance provider for a distance-based insurance policy associated with the vehicle, a coverage provided by the insurance policy (1) is based on an expiration odometer value defined as the sum of an initial odometer reading of the vehicle and an amount of distance units specified by the distance-based insurance policy, and (2) expires at the end of a policy term;

before the policy term expires, detecting, by the one or more processors, that the expiration odometer value has been reached or is close to being reached;

notifying the insurance provider that the expiration odometer value has been reached or is close to being reached; and

facilitating, by the one or more processors, an additional purchase transaction with the insurance provider for an additional amount of distance units.

9. The method of claim 8, wherein detecting that the expiration odometer value has been reached or is close to being reached comprises:

comparing a current odometer reading of the vehicle to the expiration odometer value to determine that the current odometer reading is close to, meets, or exceeds the expiration odometer value.

10. The method of claim 9, further comprising:

estimating the additional amount of distance units based on the current odometer reading of the vehicle and a time remaining on the policy term; and

providing an indication of the additional amount of distance units to the insurance provider.

11. The method of claim 8, wherein notifying the insurance provider that the expiration odometer value has been reached comprises:

providing a current odometer reading of the vehicle to the insurance provider.

12. The method of claim 8, wherein facilitating the additional purchase transaction with the customer comprises:

receiving, from the insurance provider, an offer for the additional amount of distance units;

receiving, from the customer via a user interface of the electronic device, an acceptance of the offer; and

communicating the acceptance of the offer to the insurance provider.

13. The method of claim 8, wherein facilitating the additional purchase transaction with the customer comprises:

receiving, from the insurance provider, an indication of the additional amount of distance units; and

automatically purchasing the additional amount of distance units.

14. A system for processing insurance coverage, comprising:

a communication module adapted to communicate data;

a memory adapted to store non-transitory computer executable instructions; and

a processor adapted to interface with the communication module, wherein the processor is configured to execute the non-transitory computer executable instructions to cause the processor to;

facilitate a purchase transaction with a customer for a distance-based insurance policy associated with a vehicle, a coverage provided by the insurance policy (1) is based on an expiration odometer value defined as the sum of an initial odometer reading of the vehicle and an amount of distance units specified by the distance-based insurance policy, and (2) expires at the end of a policy term,

before the policy term expires, receive a subsequent odometer reading of the vehicle via the communication module,

based on the subsequent odometer reading, determine that the expiration odometer value has been reached or is close to being reached, and

facilitate an additional purchase transaction with the customer for an additional amount of distance units.

15. The system of claim 14, wherein to receive the subsequent odometer reading of the vehicle, the processor is configured to:

request an electronic device associated with the customer to provide the subsequent odometer reading, and

receive the subsequent odometer reading from the electronic device via the communication module.

16. The system of claim 14, wherein the processor is further configured to execute the non-transitory computer executable instructions to cause the processor to:

provide, via the communication module, the expiration odometer value to an electronic device associated with the customer, and

wherein to receive the subsequent odometer reading of the vehicle, the processor is configured to;

automatically receive, via the communication module, the subsequent odometer reading from the electronic device when the electronic device detects that the expiration odometer value has been reached or is close to being reached.

17. The system of claim 14, wherein to facilitate the additional purchase transaction with the customer, the processor is configured to:

provide, via the communication module, the customer with an offer for the additional amount of distance units, and

receive an acceptance of the offer from the customer via the communication module.

18. The system of claim 17, wherein each of the additional amount of distance units costs a different or same amount as each of the amount of distance units.

19. The system of claim 14, wherein to facilitate the additional purchase transaction with the customer, the processor is configured to:

responsive to determining that the expiration odometer value has been reached or is close to being reached, automatically charge an account of the customer for the additional amount of distance units.

20. The system of claim 14, wherein the processor is further configured to execute the non-transitory computer executable instructions to cause the processor to:

estimate the additional amount of distance units based on the subsequent odometer reading and a time remaining on the policy term.