Usage-based policies

US10817950B1 · kind B1 · utility

Assignee

• Arity International Limited · IE

Inventors

• Imran Iqbal · Hoffman Estates, US
• Caryl M. Styrsky · Wheeling, US
• Grady Irey · Des Plaines, US
• Edward A. Biemer · Eastbourne, GB

Key dates

• Filing date: Jan 6, 2016
• Grant date: Oct 27, 2020
• Expiry date: Jan 6, 2036

Classification

• Technology area (CPC G): Physics
• CPC primary: G07C5/0808
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

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.