Auto insurance is changing at a very rapid pace right along with the rest of the world.
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Auto insurance is changing at a very rapid pace right along with the rest of the world. The tech companies are starting to get involved in selling auto insurance in ways that have never been done before. Here are a few insurance companies that have a tech background that are writing business in Texas and Oklahoma, Root, Save Money Car Insurance, and Lemonade. One of the more popular rating factors auto insurance companies are using is called usage-based insurance coverage. This is where the insurance carrier either gives you a device or has you use their app to monitor your driving habits. Your auto insurance rates can go up or down based on the way you drive. It's important to note that not all tech companies are doing this, but a lot do. Some consumers don't like this because they agree to a price on the auto insurance quote, and once policy is taken out and driving habits are established, their monthly price can change based on those driving habits. Obviously, good drivers like this because their monthly auto insurance rates will drop. It's the bad drivers who get upset when they get a bill for double what they were originally quoted.
Another thing to keep an eye on is self-driving vehicles. This could dramatically change the auto insurance industry. Self-driving cars are supposed to drop the number of accidents in a big way, which means less money the insurance companies will be paying out in claims. So, you would think in terms of insurance, prices would go down, at least one would think. The problem with these electric self-driving vehicles is that they're not affordable for the vast majority of the public. Some people feel that self-driving vehicles may not be mass-produced to the public, but be more focused on commercial fleets like robo taxis, which would have more of an effect on commercial auto insurance prices more so than personal auto insurance prices. How is the customer service and claims for the InsureTech companies? Well, it's yet to be seen how stellar the customer service and claims are handled from these new InsureTech companies. Some people still want to talk to a human when they have a billing problem or a claim issue. Some of these new companies do not allow customers to call in and talk to a human but push them to communicate only through the app, which some of the time, you think you're talking with a human but it's actually a chatbot. The key to great customer service is taking care of the customer in a fast, efficient, and caring way.
Sometimes chatbots can just not provide that experience like talking to a human can. So, what's the quote process like? The auto insurance quote process is actually pretty cool for a lot of the new tech companies. Take Save Money Car Insurance, for instance, their slogan is they offer the world's fastest anonymous quoting system. And it just may be that. They offer a quote in less than one minute. It obviously can take a bit longer than one minute if you have multiple cars and drivers, etc. After you get your quote in less than one minute, it takes just about another five minutes or so to complete the entire policy. Well, when you're not able to find any other insurance companies to offer insurance in that fast of a time, well, you can visit their website at savemoneycarinsurance.com. Cheapest auto insurance can provide you with auto insurance quotes from a more traditional insurance company along with some of the new InsureTech companies. Our goal is to save you as much money as possible on your auto insurance and provide you with the customer service experience you deserve.
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