Toyota recently introduced a new product that gives Toyota owners an opportunity to earn savings up to forty percent if they are good enough drivers. The telematics-focused product collects live-data from Toyota cars and rewards drivers for safe drive habits.
Telematic-based auto-insurance policies have been en vogue for years now, with popular companies like Geico and Allstate offering apps that their customers can use. These apps track things like brake force, driving speed and turning force to determine how safe their customers driving habits are. The safer they drive, the cheaper their auto-insurance premium is.
Of course, the converse is also true. More aggressive drivers who opt for a telematics-based auto-insurance policy will find their costs go up based on their poor driving habits. It literally pays to drive safely.
This new service gives Toyota customers an initial 15% off their auto-insurance policy when they opt to share their data with the program. The service then monitors their driving habits over 90 days, and rewards safe driving with savings of up to 40% off of their final discount upon renewal.
The new service is called SmartRide and is offered through a partnership with Nationwide insurance. SmartRide is currently available in:
- Arizona
- Colorado
- Delaware
- Kansas
- Maryland
- Minnesota
- Mississippi
- North Carolina
- Ohio
- Pennsylvania
- Tennessee
- Texas
- Virginia
- Washington
The only real limiting factor is the Toyota vehicle must be equipped with Toyota’s Data Communication Module (DCM), which is only available in Toyota vehicles that were created beginning in model year 2018.
Nationwide CEO Kirt Walker gave the Insurance Journal a statement about SmartRide, “Consumer expectations for insurance solutions that are fast, simple and add value continue to grow,” said Walker.
“Nationwide and Toyota believe that customers should benefit from their personal data. We are excited to partner on the introduction of a new solution that will make the process even easier.”
Telematic-based auto-insurance policies continue to grow popular. It is not unreasonable to expect similar programs from more auto-manufactures in the near future. It will be interesting to see if the SmartRide becomes popular amongst Toyota drivers.
Source: Insurance Journal