The Future of Auto Mobility and Insurance

Mobility has taken over every industry and has dipped its proverbial toes in the auto insurance industry as well. With GPS and accelerometers as high-tech accessories, mobile technology for the automotive industry too has come a long way and has many miles to go. In an age where digitization and mobility is one of the bare necessities, most auto insurance providers are lost under heaps of paperwork. That's the reason why the concept of auto mobility has shifted its focus to the insurance industry.

A combination of mobility solutions – telematics, analytics and communications, has facilitated the burden for auto insurers through information on driving style, collection of the same, analyzes and reports that benefits all the stakeholders.

User-Based Insurance (UBI)

Insurance providers struggle with allocating premium amounts for their clients. Despite their best calculations, they have incurred losses. Traditionally, insurance companies calculate premiums based on driving records, vehicle use, previous claims, insurance scores based on credits and so on. Policyholders believe that these promotions are usually a fixed value.

Telematics technology will change the face of auto insurance through the usage-based insurance (UBI) pricing system where clients pay as per their usage, driving behavior that is. Pay-as-you-drive gives clients and insurers the freedom to calculate premiums based on not just driving records and vehicle usage but actual or real-time driving information.

Real-time Information

Telematics can calculate every minute detail of the client's driving style, including every hard brake, rapid acceleration, parking style, etc. Analytics will amalgamate, analyze and interpret this data, simplifying it to understand the driving patterns of the client and the risk (s) involved. This driving information will be shared with the insurance provider who can use the same to allocate the insurance premium amount for the relevant client.

Automotive insurance companies have realized the difference that real-time information makes in processing claims. With the ability to capture real-time data in the form of images, videos, driving information, etc., there will be adequate information to process a claim or to decide the insurance amount for a client. It will eliminate the possibility of modified data and increases the accuracy of information analyzed.

Time and Efficiency

Time is everything. Waiting for weeks for insurance agencies to process a claim can be painstaking. Insurance companies will soon provide every client a more personalized and expedited service. Mobile devices will enable evaluation of claims or consultation with clients in their comfort zone. In the case of an accident, real-time data can be captured in the form of videos or images, eliminating the possibility of improper claims or incomplete information, which can prove to be a loss for both parties. Automation will reduce paperwork and redundancy. At the same time, it will increase efficiency and accelerate processing of claims.

Management of Data

With the reduction of paperwork and introduction of technologically advanced analytics frameworks, managing vast quantities of data has become a child's play. Analytics use complex algorithms and mathematical equivalents to organize, analyze and interpret huge volumes of information. The ability to retrieve relevant information instantaneously and accurately will save a lot of man-hours.

Beyond Insurance

Mobility solutions for auto insurers come with additional services such as roadside assistance in case of an emergency, geo-fencing for parents to monitor their teenager's driving, customer engagement to ensure the loyalty of the client, driving suggestions and other customizable options. Insurance companies will be able to go beyond their regular services for the client's convenience.

Challenges of Telematics

However, there are a few concerns with telematics being used by insurers. Standardized regulations on data capturing and its process is still to be determined. This raises concerns for loss of privacy or misuse of data. The other concern is when the client wants to switch to another insurance provider. The new insurer might not accept their driving data as the method of data collection is different. This could result in the client losing his benefits and has to start from scratch.

Nonetheless, telematics technology is relatively new and is yet to take over the market fully. Like any new technology, there will be glitches which will be fixed in due time. These challenges will not be an obstacle for auto mobility to be integrated with insurance, as the pros of auto mobility outweigh the cons. Gradually all insurance providers will significantly rely on mobility solutions in order to develop their business and will become inevitable for auto insurance to use.



Source by Sud Gover

Process to Get Instant Car Loans

With so many lenders making their way into the auto industry, a car loan is no more a difficult entity to obtain. These days, we even have a number of online car loan lenders who add to the ease in the process. However, one needs to be intelligent enough to choose the right lender. It should not be a hectic process that takes weeks and months together for completion. Auto financing is now a matter of just a few hours. At times, it takes less than an hour for the prospective car buyer to get the loan application approved.

The process is simple and the loan amount you borrow reaches the car seller's hands instantly. The loan agents that you find online work with a number of financing firms to provide you an automated loan regardless of your credit status.

Just makes sure everything happens in an instant. The complete process should take place very quickly and the application should take just minutes for approval. The car loan application typically has a few easy steps. Fill it and submit online. This should not take more than fifteen minutes. You may expect an instant reply or at the most in an hour's time. This only means that your loan should probably reach your car dealer's office by the next day. Of course, there will be a little paperwork to do followed by submission of a few necessary documents, but how long will that take?

There are certain things you need to remember. Even before applying, be sure as to how much you need to borrow. You just need to subtract the amount you have ready with you and are willing to spend on the car from the on-road value of the car. Also be sure as to how long you will take to repay the entire loan amount.

Coming to the application form, in case you feel it takes a whole lot of time for filling. Ideally these forms ask for personal information, employment history, and details of any other loans that you have borrowed from anywhere else and still have them pending. As long as you do not have a really bad credit history, everything is going to be fine in a matter of a few minutes.

With the loan, you can even have your new car reach your porch in no time. However, do not skip the research process while availing the loan. Get car loan quotes from as many lenders as possible and the lenders compete for your deal. You do not have to worry. Just go in for the one that will offer you the best loan; the loan with the least interest rate and the lowest EMI. Also do not go to borrow more than what is required. Remember, you have to pay back the entire amount that you've borrowed as loan. The more you borrow, the higher will your interest amount be. Also, there are chances that a higher loan amount can draw a higher rate of interest. Once the research is done, getting the loan is as quick and easy as the click of a finger.



Source by Deepthi Alvares

Debt Management – More Ways to Save on Gas Consumption

The price of gas continues to climb, and with continued uncertainty in the Middle East, they will probably continue to do so. In California and elsewhere, prices for some grades of gas have now reached the previously unthinkable three dollars a gallon. Granted, that is lower than the inflation-adjusted prices of early 1981, but that does not make anyone feel better when they've just paid nearly $ 100 to fill the tank of their sport utility vehicle.

In a previous article, we offered some solutions as to how the average consumer can either save on gas prices or use less gas. These tips included using credit cards with cashback rebates, keeping your car tuned and tires inflated, and keeping the car washed and waxed, which reduces drag. Here are a few additional tips which will help ease the strain of filling your tank.

  • Empty your trunk. Some people drive around with their trunks near full with things that just do not need to be there. Sure, you need a jack and a spare, but do you really need a toolbox, golf clubs, and that pile of old clothes you've been meaning to drop off at the Salvation Army? Any extra weight you carry requires additional energy to make your car or SUV move. Lighten the load and your engine will not work as hard or use as much fuel.
  • Drive efficiently. That means accelerating gradually, rather than speeding out of an intersection. Your car uses fuel more effectively when you gradually accelerate. Once you achieve your desired speed, keep it steady, using cruise control if you have it. Speeding up and slowing down only uses more gas.
  • Shift appropriatively if you're driving a car with a manual transmission. Shift at the factory recommended shift points, rather than running your tachometer all the way up before shifting. Your car runs best within a fairly narrow RPM range.
  • Each of these tips offers a small saving in fuel consumption. When combined with others, they add up and can produce significant savings. If you can increase your fuel consumption by just two miles per gallon, you can save $ 30-40 on a 1000-mile trip in your SUV. When you're paying $ 3.09 per gallon, every penny counts.



    Source by Charles Essmeier

    Beware of Car Insurance Cancellation

    Insurance failure is a dreaded experience and if you are doing the right things as a driver you will not get one. Some people do receive the notice that they have been officially dropped by their insurance company and many have to scramble to get additional insurance after a cancellation. Cheap auto insurance rates are usually hard to come by after a cancellation. Knowing the main reasons for auto insurance cancellation can help drivers prevent losing one of the most important privileges available to us all … the ability to drive safely.

    There is usually a process for cancellation of car insurance. It usually never happens out of the blue and most people who are canceled know why. Basically the car insurance company will send the policyholder or driver an official letter via postal mail stating the car insurance policy is subject to cancellation effective a particular date. Insurance companies are legally required to notify an individual of cancellation of a policy in ample sufficient time for the policyholder to take action in regards to the letter. The letter will also offer an explanation for the cancellation. The canceled driver has the opportunity to contact their insurance company to resolve the issue if this is possible. Depending on the reason for cancellation a resolution may not be possible and the driver will have to find replacement car insurance before the policy cancellation date. Your insurance company may contact your local Department of Motor Vehicles (DMV) to advise of your insurance cancellation. Failure to obtain insurance can result in additional problems with your state DMV as some states charge uninsured drivers for each day they are uninsured.

    There are a couple of reasons for forced car insurance cancellation. One reason is risky driving behavior. If you are suspected of multiple moving violations, involved in repeated accidents or are under the influence of drugs or alcohol while driving your policy will be canceled. Car insurance companies are in the business of taking risks but they will not tolerate a driver placing him or herself, other people and the insurance company at risk because of jeopardous behavior. Insurance fraud is also a reason for insurance cancellation. Some drivers cause accidents repeated to collect the monetary benefits for injury and damage. Repeated claims of this sort are an indicator that the driver is not using his or her insurance responsibly and then the policy is canceled. A final reason for insurance cancellation is the failure to pay on time. If you do not pay your insurance timely it will be canceled. Insurance companies will not provide coverage if the premium is not paid. You can have your insurance reinstated if you are willing to pay any back insurance charges and current charges at once. The ability to do this however is determined by the insurance company.

    It is in the best interest of every driver to avoid actions that will cause cancellation of their auto insurance.



    Source by Melanie Ullman

    LED Technology In The Modern Automobile

    I was reading an article in a motoring magazine on the dramatic development of the LED and the impact it is having on modern automotive design.

    One of the topics of discussion was the wake up call it is giving to the automotive industry. One very important demonstration was at a motor show that had the release of the Jaguar C-XF and while this would not be the first show car to have LED's it was considered one of the most dramatic.

    The debut was at the Frankfurt Motor Show and used LED's to provide a very dramatic visual presentation. The display was kicked off by the press of the Jaguars start button.

    First was an impressive display, some would say 'explosion', of blue lighting that began with the instrument panel, then flew around the cabin, combining after encompassing the rear seats. Along with this was a burst of more blue projecting itself down from the interior roof lining, at the same time the grille suddenly burst into life with a glow of LED lighting, very impressive.

    And to finish the flash of feline impressions (well it is a Jaguar) the headlights had streaks of blue bisecting each of the rectangular elements.

    Another leading example of LED technology in the automobile is the Audi R8. If you see one in the daytime you will notice daytime running lights under the main headlights, these are LED lamps. But do not think it stops there as the Audi R8's complete headlamp assembly, including the turn flashers, and the main and dipped beams are LED's.

    The LED first made its mark in the automobile at the rear of the vehicle. The 3157 LED and its derivatives found favor with the engineers as brake lamps as they reach full intensity faster than the traditional incandescent bulb. They are now used in many car tail lamps.

    And some companies have taken this to the next level. BMW has some that increase in brightness as greater pressure is applied to the brake pedal. Mercedes Benz have the brake lights pulsing quickly when the vehicle is braking heavily.

    Technology is allowing today's automobile manufacturers to provide many entertainment and other computer based systems that have the potential to load up the cars power supply. So any device that can assist in reducing the energy consumption has suddenly become very attractive.

    This is one of the key drivers that has lifted the LED to the top of the automotive lighting wish list.

    This energy saving is not the only driver as one of the other benefits is the life of the bulb. The LED's will outlive the automobiles to which they have been fitted. The owner will never have to replace a light bulb again.

    Some of the other benefits include the ability to 'tune' the light so that the light emitted is closer to daylight. Also for automotive designers the constraints on shapes disappear as they are extremely flexible in the shapes that can be achieved. Also the heat generated is a lot less so lightweight plastics hi strength plastics can be used.

    Another excellent use of the light emitting diode in the automobile application is the humble traffic light, a brilliant application that ensures we have robust lighting for years to come.



    Source by Freddy Guy