Risk unit based policies

A risk unit based system, comprising:

• an on-board vehicle computing device including at least one processor and at least one memory storing computer readable instructions that, when executed by the at least one processor, cause the on-board vehicle computing device to:
• receive, from at least one sensor arranged in a vehicle, first driving data associated with at least one of:
• a user of the vehicle and an environment in which the vehicle is being operated at a first time;
• transmit, to an insurance system server, the received first driving data;
• the insurance system server including one or more processors, and at least one memory storing computer-readable instructions that, when executed by the one or more processors, cause the insurance system server to:
• receive the first driving data;
• determine a number of risk units in a risk unit account associated with an insurance policy of a vehicle, each risk unit representing a cost to insure an average user for a predetermined period of time;
• analyze, in real-time, the received first driving data to determine a first consumption rate of the risk units;
• reduce, in real-time, a number of risk units in the risk unit account based on operation of the vehicle, wherein a rate at which the number of risk units is reduced is the determined first consumption rate;
• determine whether a balance of risk units in the risk unit account is below a predetermined threshold;
• responsive to determining that the balance of risk units in the risk unit account is below the predetermined threshold, automatically adding additional risk units to the balance of risk units in the risk unit account;
• and
• responsive to determining that the balance of risk units is at or above the predetermined threshold, the on-board vehicle computing device further including computer readable instructions that, when executed by the at least one processor, cause the on-board vehicle computing device to:
• receive, from the at least one sensor arranged on the vehicle, second driving data associated with at least one of:
• the user of the vehicle, and the environment in which the vehicle is being operated at a second time;
• transmit, to the insurance system server, the received second driving data;
• the insurance system server further including computer-readable instructions that, when executed by the one or more processors, cause the insurance system server to:
• receive the second driving data;
• analyze, in real-time, the received second driving data to determine a second consumption rate of the risk units;
• and
• reduce, in real-time, a number of risk units in the risk unit account based on operation of the vehicle, wherein a rate at which the number of risk units is reduced is the determined second consumption rate.

One or more non-transitory computer-readable media storing computer executable instructions that, when executed by at least one computing device, cause the computing device to:

• determine a number of risk units in a risk unit account associated with an insurance policy of a vehicle, each risk unit representing a cost to insure an average user for a predetermined period of time;
• receive, from at least one sensor arranged on the vehicle, first driving data associated with at least one of:
• a user of the vehicle, and an environment in which the vehicle is being operated, at a first time;
• analyze, in real-time, the received first driving data to determine a first consumption rate of the risk units;
• reduce, in real-time, a number of risk units in the risk unit account based on operation of the vehicle, wherein a rate at which the number of risk units is reduced is the determined first consumption rate;
• determine whether a balance of risk units in the risk unit account is below a predetermined threshold;
• responsive to determining that the balance of risk units in the risk unit account is below the predetermined threshold, automatically adding additional risk units to the balance of risk units in the risk unit account;
• and
• responsive to determining that the balance of risk units is at or above the predetermined threshold:
• receive, from the at least one sensor arranged on the vehicle, second driving data associated with at least one of:
• the user of the vehicle, and the environment in which the vehicle is being operated at a second time;
• analyze, in real-time, the received second driving data to determine a second consumption rate of the risk units;
• and
• reduce, in real-time, a number of risk units in the risk unit account based on operation of the vehicle, wherein a rate at which the number of risk units is reduced is the determined second consumption rate.