Luxury and lives have huge maintenance costs. Buying an elephant may be easy for some, but to take care of it is the hardest task. Same applies to cars when it comes to maintenance and car insurance premiums.
According to the survey done last year in the US, the national average cost on auto insurance was about $1500 per person.
Basic Factors deriving the rates of Car/ Auto Insurance:
- Age
- Gender
- Driving History
- Location
- Car make,model and trim
The auto insurance industry is a $260 billion industry in the USA alone. For those with less-than-perfect driving records, auto insurance industry provides custom insurance packages to the high-risk drivers. On the flipside, these drivers end up paying high car insurance premiums than the rest. Because they are more likely to claim the benefits on their auto insurance policy for covering the vehicle maintenance and service costs on their vehicle. It may be due to vandalism, accident or any bigger issue due to rash driving behavior.
Can technology help in saving auto insurance costs?
Have you ever thought that technology can help you in saving money on your auto insurance premiums? That’s true.
KarConnect, a Smart automotive solution leveraging IoT technology and custom mobile app development, is the thing which is needed. This solution not only will amp up your savings on auto/ car insurance premiums, but also bring you many more benefits related to the safety and maintenance of your beloved vehicle. KarConnect is a unique IoT solution that makes your car talk with you.
What is KarConnect?
We already have seen what are the reasons to end up paying high auto insurance costs to the insurance companies. KarConnect – An IoT based solution for Automotive Industry that consists of an OBD-II Chip which works with a software platform in the form of the web app and mobile application developed by Let’s Nurture Infotech. It is a leading custom mobile app development company that also provides IoT solutions and services.
Use-Features of KarConnect:
The OBD-II chip is nothing but a plug-and-play device, which drivers connect into OBD port of the vehicles. This is a GSM SIM-based chip, which retrieves the data of vehicles from the ECU and sends it to the server. Based upon the algorithms set upon the server, users can access data through KarConnect mobile application with multiple features and details.
– Real-time driving behavior
– Vehicle Maintenance & Predictive Analysis
– Auto Fault Detection
– Track Nearby Service Centers/ Roadside Assistance
– Notification Alerts for Overspeeding and driving mistakes
– Google Map API integration for live tracking
How KarConnect can help in saving Auto Insurance Costs?
Considering the factors impacting the cost of car insurance premiums, KarConnect can significantly help in the following ways.
To improve Driving Behaviour & History
The biggest benefits of all many are to cut down the maintenance cost on your vehicle by improving your driving behavior to ensure ‘Safety’. KarConnect app gives you real-time insights and updates about your driving performance by showing various parameters including speed, rpm, idling, harsh acceleration, and braking. Best-in-class UI/ UX design allows users to get notified through colors along with push notifications if they are driving improperly.
Eventually, this solution will transform the mindset of drivers to take care of the vehicle by driving in desired conditions in a safe manner. This is the best solution to improve your driving history and cut the upcoming auto insurance costs.
Automated Diagnostics of Vehicle
Fault code detection is the features which send drivers alerts in case any fault occurs in your car. This again is available in the layman language so that users can understand and take appropriate action. Fault code detection also shows the level of severity and guide to nearby service centers depending upon the user location.
The advantage of this feature is that vehicle owners will not get bullied by service centers or garages and avoid paying hefty maintenance bills. Also, it will prevent the vehicle condition going from bad to worse, which may lead users to go and avail the auto insurance if the issue is bigger. This will prevent users from taking the No Claim Bonus in the next insurance policy cycle.
Impact of Predictive Analytics to Save Costs and Ensure Safety
A stumbling block to the growth of predictive analytics is lack of awareness about its power and potential. Predictive analytics can anticipate vehicle failure, saving costs and resources for companies that invest in this technology. It has the potential to be the best Smart Fleet Management solution with multiple benefits. But let us stick to our topic as of now on saving auto insurance costs.
Most importantly, predictive analytics can improve the safety of vehicles on the road. Many fleet managers have begun to install this technology on vehicles to aggregate data on elements such as tire pressure, engines, and more. Now, instead of reacting to a problem, companies can monitor their data and alert drivers to a potential problem. For auto insurers, this means fewer accidents and claims, and, more importantly, more safety on the road.
Does KarConnect offer anything to Insurance Companies?
In 2017, car insurance claims totaled over $163 million in the US. To put that into perspective for any single driver, the average loss per claim was $4,100.– such a grueling stat from their perspective, right?
The answer is Yes. KarConnect can help insurance companies to save millions if they can strategize to make this solution work in the vehicles of auto insurance policy owners.
They can offer this solution to their customer and educate them in order to save costs on premium by sharing a bit of their personal information. As the insurance companies will able to track the driving behavior and history of their customers.
How it will work for auto insurance policy owners?
When a user installs a tracking device into OBD ports of their cars, it sends data. What data, you may ask? Well, whatever information your insurance company deems relevant to determining whether or not you’re a good driver. This data is sent back to your insurance provider. If they like what they see, they’ll reduce your premiums or give you credits on your auto insurance.
For more information on KarConnect and Automotive app development services,get in touch with Let’s Nurture for a free consultation.
“I hope you liked what you read and I appreciate your time for doing so- HAPPY DRIVING”
Jignesh Thanki 