System and method for the assessment, pricing, and provisioning of distance-based vehicle insurance

  • US 7,890,355 B2
  • Filed: 11/27/2006
  • Issued: 02/15/2011
  • Est. Priority Date: 10/29/2004
  • Status: Active Grant
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First Claim
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1. A computer system for assessing, pricing, and provisioning distance-based vehicle insurance, the system comprising:

  • a computer processor; and

    a computer memory accessible to the computer processor, the computer memory and computer processor being communicatively detached from a customer associated vehicle, wherein the computer memory comprises a plurality of instructions which, when executed by the computer processor, perform a method, the method comprising;

    receiving identification information of a customer and the associated vehicle;

    receiving, from the customer, a current odometer reading of the vehicle and a garaging location of the vehicle, wherein the odometer is the factory installed odometer and is representative of the original miles traveled by 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.

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