Travelers Insurance Offers New Mileage-Based Driving Discount with IntelliDrive
Travelers Insurance has announced a new mileage-based discount to offer drivers a new way to save when behind the wheel. The auto insurance company’s new product is known as IntelliDrive, which provides customers with price reductions based a number of factors including the number of miles they have driven.
IntelliDrive Offers Up to 25 Percent in Driving Discounts
Travelers anticipates customers will take advantage of its new IntelliDrive product. In a recent press release, the insurer explained that the new product could help customers reduce their vehicle expenses by up to 25 percent annually.
The first 5 percent IntelliDrive discount is granted immediately just for enrolling in the program. After customers have enrolled, they can receive up to an additional 20 percent discount at renewal depending on the number of miles driven during their insurance term period.
The company expects the product to appeal to individuals interested in saving money by lowering their annual vehicle expenses, and drivers who travel fewer miles than the average person. This type of discount, also known as a pay-as-you-drive (PAYD) discount, can benefit a retired or disabled individual, as well as those traveling short distances to work or school.
How IntelliDrive Works
For customers to take advantage of Travelers’ IntelliDrive discount, they need to use a small electronic device that plugs into the vehicle. Once plugged in, the device records personal driving data, including:
- Number of miles driven
- Driving style (e.g. too fast or aggressive)
- Areas driven
The information is recorded over the course of one six-month insurance term period, and will be used to determine how much of a discount drivers are to receive upon renewal. Additionally, the reports will be accessible on the company’s secure website, allowing drivers to review their driving habits, as well as their carbon footprint and the environmental impact on their fuel economy.
Parents who want to monitor their teens’ behavior behind the wheel will also be able to benefit from the reports and have the option of receiving alerts if their kidsÂ leave a defined area, exceed a certain speed limit or drive during an unauthorized period.
Currently, the product is only being offered in Illinois, Ohio, Oregon and Virginia. There is no word on whether the company plans to expand to additional states in the future.