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

  • US 7,991,629 B2
  • Filed: 03/14/2007
  • Issued: 08/02/2011
  • 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 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 a vehicle identification number of a vehicle to be insured from a customer;

    receiving from the customer via a computer network a preliminary odometer reading of the vehicle to be insured, the customer providing the reading without an electronic tracking device attached to the vehicle or odometer and without a third party audit;

    providing a plurality of coverage types to the customer;

    providing the customer with at least one quote upon receiving an input selecting 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 number;

    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;

    performing a purchase transaction for an insurance policy in response to input from the customer electing 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 a preliminary odometer reading and the total number of distance units included in the selected item;

    obtaining from the customer via the computer network a legally binding declaration that the preliminary odometer reading is true and accurate; and

    insuring the vehicle during a policy period defined by coverage for a preselected number of units distance from the preliminary odometer reading without a third party audit or electronic tracking device installed on the vehicle.

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