System and method for providing usage based vehicle insurance

• US 9,053,469 B1
• Filed: 07/10/2009
• Issued: 06/09/2015
• Est. Priority Date: 07/10/2009
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Bohanek, Robert Michael, Prasad, Bharat, Oakes, Charles Lee III
• Primary Examiner(s): PAULS, JOHN A
• Application Number:
  US12/500,742
• Time in Patent Office: 2,160 Days
• Field of Search: 705/4, 705/14
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/08 Payment architectures
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G07F 13/025 wherein the volume is determined during delivery

Abstract

Methods and systems for providing usage based insurance for one or more vehicles for an insured individual or party. In an example, fuel transaction data is received for a party, the fuel transaction data includes a fuel cost; insurance policy data is received for an insurance policy; a premium is determined for the insurance policy using a computing device and the premium is added to the fuel cost. In an example, a geographic location for a vehicle is determined and a premium is determined using at the least the geographic location. In an example, a number of miles driven in a time period is determined and a premium is determined using at the least the number of miles driven. In an example, a premium is determined for an insurance policy using at least a portion of the fuel transaction data. In an example, at least one vehicle related parameter is predicted from the fuel transaction data and a premium is determined using the vehicle related parameter.

Claims

1. A non-transitory machine-readable medium comprising instructions, which when implemented by a computer perform the following operations:

receive fuel transaction data for a party from a fuel dispenser, the fuel transaction data including a fuel cost for a fueling operation that is being initiated;

in response to the fueling operation being initiated, receive insurance policy data for an insurance policy, wherein the insurance policy data is specific to the party;

determine a prospective premium for the insurance policy, wherein the prospective premium is at least partially based on the insurance policy data;

add the prospective premium to the fuel cost to generate a total cost; and

receive payment of the total cost at a conclusion of the fueling operation.

2. The non-transitory machine-readable medium of claim 1, wherein the fuel transaction data further includes a location of the fuel dispenser.

3. The non-transitory machine-readable medium of claim 1, wherein determining the prospective premium is at least partially based on a vehicle location.

4. The non-transitory machine-readable medium of claim 1, wherein determining the prospective premium is at least partially based on a number of miles driven.

5. The non-transitory machine-readable medium of claim 1, wherein the prospective premium is determined for the insurance policy that is in effect for a time period.

6. The non-transitory machine-readable medium of claim 1, wherein the prospective premium is determined for the insurance policy that is in effect for a number of miles driven.

7. A non-transitory machine-readable medium comprising instructions, which when implemented by a computer perform the following operations:

receive fuel transaction data for a party from a fuel dispenser, the fuel transaction data at least including a fuel cost for a fueling operation that is being initiated;

in response to the fueling operation being initiated, receive insurance policy data for an insurance policy, wherein the insurance policy data is specific to the party;

determine a premium component for the insurance policy, wherein the premium is at least partly based on the insurance policy data;

determine a bill for the insurance policy for an insured party, the bill being equal to the premium component plus the fuel cost; and

receive payment of the bill when the fueling operation is concluded.

8. The non-transitory machine-readable medium of claim 7, wherein the premium component is paid from the fuel dispensing location.

9. The non-transitory machine-readable medium of claim 7, wherein the fuel transaction data further includes an odometer reading of the vehicle.

10. The non-transitory machine-readable medium of claim 7, wherein the fuel transaction data further includes at least one driver identity.

11. The non-transitory machine-readable medium of claim 7, wherein the premium component is determined where the insurance policy is in effect for a prospective time period.

12. The non-transitory machine-readable medium of claim 7, wherein the premium component is determined where the insurance policy is in effect for a number of miles driven.

13. A non-transitory machine-readable medium comprising instructions, which when implemented by a computer perform the following operations:

receive fuel transaction data for a party from a fuel dispenser, the fuel transaction data including a fuel cost for a fueling operation that is being initiated;

in response to the fueling operation being initiated, receive insurance policy data for an insurance policy;

determine a premium for the insurance policy, wherein the premium is at least partially based on the insurance policy data;

communicate the premium to the insured party; and

receive payment of the premium at the fuel dispenser when the fueling operation is concluded.

14. The non-transitory machine-readable medium of claim 13, wherein the premium is paid from the fuel dispensing location.

15. The non-transitory machine-readable medium of claim 13, wherein the fuel transaction data further includes an odometer reading of the vehicle.

16. The non-transitory machine-readable medium of claim 13, wherein the fuel transaction data further includes at least one driver identity.

17. The non-transitory machine-readable medium of claim 13, wherein an average speed of a vehicle is determined.

18. The non-transitory machine-readable medium of claim 17, wherein the average speed is at last partially used to determine the premium.

19. A non-transitory machine-readable medium comprising instructions, which when implemented by a computer perform the following operations:

receive fuel transaction data for a party, the fuel transaction data including a fuel cost for a fueling operation that is being initiated;

in response to the fueling operation being initiated, receive insurance policy data that is both specific to a party and for an insurance policy;

determine a prospective premium for the insurance policy, wherein the prospective premium is determined at least partially based on the fuel transaction data and the insurance policy data;

add the prospective premium to the fuel cost; and

receive payment of the prospective premium and the fuel cost at the conclusion of the fueling operation.

20. The non-transitory machine-readable medium of claim 19, wherein the fuel transaction data further includes a location of the fuel dispenser.

21. The non-transitory machine-readable medium of claim 19, wherein determining the prospective premium is at least partially based on a vehicle location.

22. The non-transitory machine-readable medium of claim 19, wherein determining the prospective premium is at least partially based on a number of miles driven.

23. The non-transitory machine-readable medium of claim 19, wherein the prospective premium is determined for the insurance policy that is in effect for a time period.

24. The non-transitory machine-readable medium of claim 19, wherein the prospective premium is determined for the insurance policy that is in effect for a number of miles driven.