How your car’s data will help you save money on car insurance and more.
New cars today are like cell phones, but bigger and with wheels. Onboard computers will soon have up to 100 built-in processors that will generate vehicle data.
Companies make money off big data, so why can’t we as consumers make money off it too? We won’t directly make money off our cars data, but saving money might be the next best thing. Data collection already saves you money with:
• Improved performance
• Personalized service
• Low fuel alerts that generate coupons to save gas at a nearby station
• Tire pressure and service alerts
While connected-car services will undoubtedly generate revenue streams for manufacturers, consumers will benefit with apps that use location to help drivers find parking and traffic patterns. Additionally, vehicle data and location can be used to schedule service appointments at nearby dealerships.
The experts at Brady Insurance Group don’t need big data to save you money. We compare rates with over 50 A-rated companies to offer you the lowest premium and the biggest discounts. For immediate savings on your car insurance premium you can take advantage of these three discounts:
1) Multiple policy discount – Bundle your car insurance with a home or renters policy.
2) Smart student discount – If your young driver meets the requirements, they may qualify for car insurance discount.
3) New car discount – you could save big if your vehicle is new and you’re the first owner.
In addition to discounts, big data will reward you for everyday safe driving with Allstate Drivewise® installed. The safer you drive, the more rewards you can earn. Rewards add up to more savings. Allstate is one of the 50 companies Brady Insurance Group represents.
For significant savings on your car insurance call us at 866.764.1944.
The auto industry is following the lead of the tech sector by collecting user data and using it to either improve their own products and services or sell it to third-party app developers and marketers. When data is shared with third parties, it is anonymized, meaning it is scrubbed of all personal information. The data is then batched together with data from other vehicles providing a generalized overview of consumer driving habits and a car’s operations.
Businesses will benefit from data collection.
Municipalities and businesses that manage fleets can collect data about fuel consumption and miles traveled. GPS tracking of vehicle routes has been in use for years to managing employee drivers. Now services can monitor driver behavior, such as whether the car is speeding or the seat belt is in use.
Concerned about privacy?
Consumers have to opt-in first to each new app or feature before the app can collect any data. Car companies say they get owner consent before collecting data, but it isn’t always clear to consumers that permission has been requested. Data disclosures are often buried in terms and service agreements, and they aren’t always easy for customers to understand.
The uses for vehicle data is limitless. Data collection is already allowing car manufacturers to expand beyond their core business. We will all benefit in some way even if it is only feeding our love for gadgets.
To read the full article that inspired our blog post visit WSJ. And to save on personal and commercial car insurance call us at 866.764.1944. We love making car insurance understandable.
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