Usage-based insurance cost determination system and method

  • US 8,280,752 B1
  • Filed: 04/04/2011
  • Issued: 10/02/2012
  • Est. Priority Date: 01/18/2005
  • Status: Active Grant
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1. A method of determining a distance-based premium for vehicle insurance for a customer, comprising:

  • receiving, at a computational platform, electronically transmitted information from a remote terminal concerning one of an actual distance driven by a customer over a time interval and an estimated distance driven by the customer over the time interval; and

    calculating, in the computational platform, a customer premium based at least in part upon the one of the actual distance driven by the customer over the time interval and the estimated distance by the customer over the time interval,wherein the customer premium takes into account a first premium rate per distance unit over a first driving range and a second premium rate per distance unit over a second driving range, the second driving range being subsequent in distance to the first driving range, the second premium rate per distance unit being lower than the first premium rate per distance unit.

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