Published on November 13th, 2017 | by Subhash Nair0
Toyota of Japan Develops the FUTURE of Car Insurance
Toyota Motor Corporation and have developed Japan’s first driving behavior-based telematics automobile insurance. The plan is available to owners of certain units of Toyota connected cars and uses driving data gathered via telematics technologies to adjust insurance premiums based on the level of safe driving every month.
Total insurance premiums comprise a combination of basic insurance premiums and usage-based insurance and, under this new plan up to 80 percent of usage-based insurance premiums can be discounted. In addition to driving behavior discounts, various services are to be provided under the concepts of “enjoyment,” “benefits,” and “safeguards.” The service is scheduled to go on sale on January 15, 2018, while insurance liability is scheduled to commence in April 2018.
The new insurance plan was jointly developed by Toyota and Aioi Nissay Dowa Insurance with the aim of realizing a safe and secure traffic environment for society, and of providing their customers with a fulfilling car life based on enjoyment, benefits, and safeguards. The insurance plan forms part of the appeal of Toyota’s connected cars.