The 'OOCar' Program Could Love Insurance Rates by 40%
Michael Hemsworth — March 9, 2016 — Autos
References: oocar & thenextweb
There are a number of ways to get a lower insurance rate, but the 'OOCar' Program is by far one of the easiest. Connecting to your vehicle via the OBD II connection port, the 'OOCar' device will instantly go to work tracking your trips. Good drivers who obey the rules and drive the speed limit could see an insurance rate decrease of up to 40%.
Aside from being able to obtain a lower insurance rate for drivers, the 'OOCar' Program allows users to maintain better control over their vehicle. Drivers will know exactly how their vehicle is operating via the accompanying app, which could translate up to 30% cost savings when it comes to money spent on fuel.
Aside from being able to obtain a lower insurance rate for drivers, the 'OOCar' Program allows users to maintain better control over their vehicle. Drivers will know exactly how their vehicle is operating via the accompanying app, which could translate up to 30% cost savings when it comes to money spent on fuel.
Trend Themes
1. Usage-based Insurance - The OOCar program is part of a larger trend towards usage-based insurance, where premiums are based on individual driving behavior, opening up opportunities for other companies to develop similar devices.
2. Connected Car Technology - The OOCar device connects to vehicles via the OBD II connection port, highlighting the increasing trend towards integrating technology into cars and creating opportunities for other related services and products.
3. Data-driven Insurance - The OOCar program collects data on driving behavior, enabling insurance companies to offer personalized rates and paving the way for innovative data-driven insurance models.
Industry Implications
1. Insurance - Usage-based insurance programs like OOCar present an opportunity for insurance companies to develop more personalized and cost-effective policies.
2. Automotive - Connected car technology, such as the OOCar device, has the potential to revolutionize the automotive industry by enhancing vehicle monitoring and enabling new services.
3. Data Analytics - The OOCar program relies on data collection and analysis, creating opportunities for companies specializing in data analytics to develop innovative solutions for insurance and automotive industries.
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