Risk unit based policies

A risk unit based insurance system, comprising:

• an insurance system server having at least one processor and at least one memory storing computer-readable instructions that, when executed by the at least one processor, cause the insurance system server to:
• receive, from a user, a request to obtain a risk unit based insurance policy for a vehicle, the risk unit based insurance policy including a plurality of risk units forming a balance of risk units in a risk unit account, each risk unit representing a cost to insure an average user for a predetermined period of time and the balance of risk units being reduced upon operation of the vehicle;
• generate the risk unit based insurance policy for the vehicle responsive to the received request;
• and
• deposit a predetermined number of risk units into the risk unit account associated with the risk unit based insurance policy;
• at least one vehicle operation sensor arranged in the vehicle, the vehicle operation sensor detecting and recording operational parameters of the vehicle including driving data associated with at least one of:
• driving behaviors of the user and an environment in which the vehicle is being operated;
• an on-board vehicle computing device in wireless communication with the insurance system server and the at least one vehicle operation sensor arranged in the vehicle, the 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 the at least one vehicle operation sensor arranged on the vehicle, the driving data associated with at least one of:
• driving behaviors of the user and an environment in which the vehicle is being operated;
• analyze, in real-time, the received driving data;
• determine, in real-time and based on the analyzed received driving data, a consumption rate of the risk units;
• display, on at least a vehicle display of the on-board vehicle computing device, the determined consumption rate;
• and
• transmit, to the insurance system server, the determined consumption rate;
• the insurance system server further including instructions that, when executed, cause the insurance system server to:
• determine whether a number of risk units in the risk unit account is below a predetermined threshold;
• responsive to determining that the number of risk units is below the predetermined threshold, transmit to the on-board vehicle computing device, a notification that the number of risk units in the risk unit account is below a predetermined threshold;
• and
• the on-board vehicle computing device further including instructions that, when executed, cause the on-board vehicle computing device to:
• modify operation of at least one system of the vehicle based on the received notification that the number of risk units in the risk unit account is below the predetermined threshold, wherein modifying operation of at least one system of the vehicle includes at least one of:
• flashing the headlights, causing the horn to blare, and preventing the vehicle from starting.