More than half those responding to a Willis Towers Watson Plc survey on usage-based auto insurance said they would likely buy a new or preowned vehicle with new technology features in the next two years.
The survey of U.S. consumers found that 81% of respondents who have had a usage-based insurance policy saw it as beneficial. About the same number of respondents said they would be open to sharing recent driving data, such as the past month's data from navigational apps or an in-car system, for personalized insurance quotes.
Only 7% of the respondents disagreed with the premise that usage-based insurance is a better way to calculate premiums than traditional methods. The driving-related activities most survey respondents consider deserving of discounts are careful driving, low mileage, reduced speed and avoiding distractions.
However, half the survey's respondents raised concerns over the possibility that premiums might increase, and 38% were concerned that premiums could fluctuate. Another 38% were concerned about how insurers might share their data.