Travelers Canada is the latest insurer to launch a usage-based auto insurance program. The insurer released its new IntelliDrive platform on January 27.
Like Ajusto and MyDriving, IntelliDrive lets customers better understand their driving habits and earn a reward for their “safe” driving. Like its competitors, Travelers' app collects and evaluates data on customers’ behaviour and driving habits, such as hard braking, rapid acceleration, speed, distraction and the time of day they drive.
Drivers with good habits can qualify for a premium reduction of up to 30 percent at renewal. Riskier driving habits may result in a higher premium.
Increased interest in telematics
The pandemic has fuelled interest in usage-based insurance, a recent study by Travelers Canada finds. Among respondents who say they are more interested in this type of program, 74 per cent are looking to save money, and one in five want to be safer drivers.
Half of the respondents said they were not familiar with usage-based insurance programs, but would like to know more. All in all, 65 per cent of respondents show some interest in using a product based on their driving, and one-third are very interested.