The ever-eccentric Elon Musk recently announced plans to roll out a million autonomous ride-sharing vehicles by 2020. The ambitious goal is intended to take on the likes of Lyft and Uber, but in the grander scheme of things, it may have a much deeper impact on consumer cost savings.
In the past decade, technology solutions helping consumers save money have expanded into numerous industries, including cars, homes and health insurance.
Many Americans now demand tech-based ways to reduce costs, and they’re willing to switch companies to get them.
As a response, insurance companies are offering more ways for customers to use technology and save money.
1. Car Technologies Providing Discounts and Savings
Car insurance, which is legally required in just about every state, may range from less than $500 (for example, in North Dakota) to $1,450 in states such as New York. Regardless of where you live, you’re probably looking to save on car insurance wherever you can.
Most car insurance providers now offer safe-driving incentives that can ultimately lead to lower insurance rates.
Policyholders who enroll in these programs will typically get a GPS device to plug into the car’s onboard diagnostics (OBD) port. The device records various driving habits, such as speed and miles traveled.
Nationwide’s SmartRide program, for example, measures speed, miles traveled, hard braking, acceleration and night driving.
The insurer reviews these factors and may offer the policyholder a discount of up to 40% on their premiums. Other companies use mobile apps that reward discounts if you avoid texting and driving and practice other safe driving habits.
Amazon’s Alexa device can also help you save money.