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US 11,645,721 B1Granted
Usage-based policies
AssigneeArity International Limited
InventorsImran Iqbal, Caryl M. Styrsky, Grady Irey, Edward A. Biemer
Life of this patent
Estimating the term…
Abstract
Methods, computer-readable media, systems and apparatuses for determining and implementing usage-based insurance policies are presented. A first cost per day and second cost per day associated with the usage-based insurance policy may be determined and a cost for a first trip may be determined based on the cost per day and cost per mile. Driving data received during the first trip may be used to modify the cost per day and cost per mile to determine a second cost per day and/or cost per mile that may be used to determine a cost of subsequent driving trips.
Claims12
A method, comprising;
- receiving, by an insurance system server having at least one processor and a memory, and from a plurality of sensors on a vehicle, driving data associated with operation of the vehicle during a first driving trip, the driving data including at least a start time of the first driving trip, an end time of the first driving trip, a distance of the first driving trip, and a driving behavior associated with the first driving trip;
- retrieving, by the insurance system server and from one or more insurance system databases, insurance information associated with the vehicle, the insurance information including a usage-based insurance policy;
- determining, by the insurance system server and from the retrieved insurance information, a cost per day and a cost per mile for insuring the vehicle based on the usage-based insurance policy;
- receiving, by the insurance system server and from a user associated with the vehicle, a predetermined amount of funds for a premium for the usage-based insurance policy and store the predetermined amount of funds in a first account;
- analyzing, by the insurance system server, the driving data to determine a distance and time associated with the first driving trip and the occurrence of the driving behavior;
- determining, by the insurance system server and based on the distance and time associated with the first driving trip, the occurrence of the driving behavior, the cost per day, and the cost per mile, a cost of the first driving trip;
- reducing, by the insurance system server, a balance of the premium in the first account by the cost of the first driving trip;
- determining, by the insurance system server, whether the reduced premium balance is below a predetermined threshold;
- and
- responsive to determining that the reduced premium balance is below the predetermined threshold, automatically attempting, by the insurance system server, to transfer funds from a payment account to the first account.
7 more elements
A system comprising:
- an insurance system server comprising 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:
- retrieve, from one or more insurance system databases, insurance information associated with a vehicle, the insurance information including a usage-based insurance policy;
- determine, from the retrieved insurance information, a cost per day and a cost per mile for insuring the vehicle based on the usage-based insurance policy;
- receive, from a user associated with the vehicle, a predetermined amount of funds for a premium for the usage-based insurance policy and store the predetermined amount of funds in a first account;
- receive, from a plurality of sensors arranged on the vehicle, driving data associated with operation of the vehicle during a first driving trip, the driving data comprising at least one of a start time of the first driving trip, an end time of the first driving trip, a distance of the first driving trip, or a driving behavior associated with the first driving trip;
- analyze the driving data to determine a distance and time associated with the first driving trip and the occurrence of the driving behavior;
- determine, based on the distance and time associated with the first driving trip, the occurrence of the driving behavior, the cost per day, and the cost per mile, a cost of the first driving trip;
- reduce a balance of the premium in the first account by the cost of the first driving trip;
- determine whether the reduced premium balance is below a predetermined threshold;
- and
- responsive to determining that the reduced premium balance is below the predetermined threshold, automatically attempt to transfer funds from a payment account to the first account.
8 more elements
Dependencies are inferred from the claim text.