Taking an insurance policy of a vehicle is mandatory in India, failing which the traffic police has every right to challan you, that is, there is a provision of legal challan on the owner of the vehicles which are not insured, but Indian insurance is still there. They shy away from taking it, and put their safety at risk by getting third party insurance. According to the information received, General Motors Company aims to introduce such an insurance scheme, in which the premium will be fixed on the basis of the driving performance of the driver.
Company considering to implement soon
General Motors is set to launch an algorithm-based auto insurance plan in some US states by the end of the first quarter, under which policyholders will be charged based on their driving performance. The automaker’s OnStar subsidiary has asked for regulatory approval for its Arizona, Illinois and Michigan insurance plan, which is expected to go into effect by the end of March, OnStar Insurance president Andrew Rose and GM’s vice president of global innovation said Friday in a statement. Said during the interview, that we expect to follow it with one to two dozen states,”
At the moment GM’s policy does not currently factor in the use of driver-assistance systems, which help automate certain driving tasks, and can also control braking and acceleration. The plan also includes sensor data from GM’s “Super Cruise” system, which includes an in-cabin camera that monitors drivers’ eye and head movements. is included.
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It’s worth noting here, that GM and other automakers would have to go through scrutiny from state insurance commissions in order to use such granular data. Let us tell you, GM launched its regular OnStar insurance offer a year ago, in which the company has set a target of $6 billion in insurance revenue by 2030. The annual premium cost in the U.S. is about $1,000.
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