-I got a UBI! 
-Oh no… are you okay? Sounds contagious.
-A UBI isn’t a virus silly… It’s Usage Based Insurance!
The Future!
Okay now that you’ve settled down and are able to control the laughter, I’d like to introduce a nifty little device that may save you some money on your auto insurance. This particular piece is provided by Intact insurance but many insurers are now offering them as an option. It’s called: My Driving Discount and in short is used to monitor how you drive and adjusts your rates based on that.
“But Fil… what if it works against me and raises my price?” Ah! Good question, it can’t. It will not raise your price, it can only lower it or keep it at what it was.
So how does it work? It comes with a GPS component which tracks your driving trips and has an accelerometer which analyses vehicle movements. It will track things such as braking, acceleration, speeds and things like that. By now you’re probably thinking of some conspiracy theory of how the insurance companies want to track your life so that they have total control over you forever. No, the companies will not use any personal information without your authorization. This is designed to give those who are safe drivers the prices they deserve. If you can think of a better way to do this, please comment!
Intact Insurance
What are some of the benefits? They may vary from company to company, the ones I will describe are based on Intact Insurance. For more info, please go to: http://www.intact.ca/my-driving-discount-terms-and-conditions.
1) Immediate Savings: You will instantly get a 5% discount just for signing up. (UBI is a new concept and to break into the market, they must offer some incentive. It might not be around forever…)
2) Big Savings: Intact states that you can earn up to 25% discount at renewal! This is obviously based on the information the device receives.
3) Risk Free: As I stated earlier: Your premium will not go up based on the data collected. It will either stay at what it was or go down.
4) Access to your Information: You will receive a personalized website which shows you your driving behavior and discounts! Feel free to show off to your friends.
5) Simple: Very easy to install and a team of experts who are ready to help.
If you think UBI is something you might be interested in or have any questions regarding it, feel free to contact me! Happy holidays to all! Drive safe and use the money for what matters (gifts).
