We’re sure by now most people have heard of Telematics, a word created by combining Telecommunications with Informatics.
Wikipedia defines Telematics as an interdisciplinary field that encompasses telecommunications, vehicular technologies, road transportation, road safety, electrical engineering (sensors, instrumentation, wireless communications, etc.), and computer science (multimedia, Internet, etc.). To put it more simply, Telematics is the technology of sending, receiving and storing information relating to an object (ie your vehicle) via a telecommunication device.
Who’s Using It?
Telematics is commonly used by companies operating large fleets through the use of a GPS (Global Positioning System) receiver and an electronic device installed in each vehicle. It provides a way for them to monitor their fleets’ location, movement and status. The companies can access a list of their vehicles and track such things as their current location, driving speed, and when they are started/shut off or idling. The use of Telematics allows these companies to operate more efficiently, increase production, improve safety and customer service, and reduce labor costs, fuel costs, and operating expenses.
Many Insurance Companies have recently stepped into the Telematics space as a way to reward good driving behaviour. Two of our markets, Intact Insurance and Pembridge Insurance, are currently offering Telematics and more are sure to follow. Offering an upfront discount for signing up, both Intact and Pembridge allow you to track your driving experience for a six (6) month period and then will provide additional policy discounts depending on the Telematic results. The way in which they Telematics system works is slightly different for each Insurer.
Intact Insurance – my Driving Discount
With Intact’s my Driving Discount, you can save up to 25% off of your annual automobile insurance premiums. They also provide an initial 5% discount just for signing up! Intact’s program uses their my Driving Discount mobile app instead of a device that is physically connected to your vehicle. If you are an existing Intact client, we can enroll you immediately! If you are not currently an Intact client, we would be more than happy to provide you with a competitive quote.
Once you are enrolled in the program, you will receive an email with instructions for downloading the app to your smartphone. Upon signing in, the app will record your driving behaviour (including braking, acceleration, and the time of day of your drive). The data is then reported to Intact and used to calculate your personalized discount, up to 25%, which will be applied on renewal.
Pembridge Insurance – myBRIDGE Program
With Pembridge’s My_BRIDGE, you can save up to 30% off of your annual automobile insurance premiums. They also provide a 15% discount just for signing up! My_BRIDGE uses a Telematics device that tracks data on how your vehicle is driven. The data collected includes the time of day, the distance, speed and braking habits. If you are an existing Pembridge client, we can enroll you immediately! Please note that your vehicle must be a 1998 model or newer and diesel, electric and hybrid vehicles are not eligible at this time. If you are not currently a Pembridge client, we would be more than happy to provide you with a competitive quote.
Once you are enrolled in the program, you will receive an email with the My_BRIDGE agreement for your review and signature. Once the My_BRIDGE agreement is signed, the Telematics device will be forwarded to you in the mail. Simply follow the instructions to install the device in your vehicle. The data collected will be reported to Pembridge and used to calculate your personalized discount, up to 30%, which will be applied on renewal.
If for some reason you are not happy with your driving behaviour results, Pembridge gives you the option to re-enroll into the program for another six (6) month period.
Here’s a great little “Mythbusting Usage-Based Insurance” article provided by Pembridge:
If you are interested in trying Telematics out just for fun, we recommend downloading our app #myCosten. There is a great little feature called my drive that allows you to track your distance, speed and acceleration.
For more information on Telematics related to insurance, please visit the Insurance Bureau of Canada’s website or contact our Office and one of our Brokers would be happy to assist you!
Thank you,
The Costen Insurance Team
