Toyota Insurance Management Solutions (TIMS), an independent P&C insurance agency under Toyota’s Financial Services umbrella, has launched a usage-based insurance (UBI) program for owners of their cars, according to an article by Insurance Business magazine.
The automaker recently emailed drivers who own Toyota cars equipped with the company’s “Connected Services” telematics system, inviting motorists to participate in TIMS’ new insurance program, according to the article.
Drivers who sign up for the insurance program allow Toyota to utilize the Connected Services system to collect their driving data. The data is then sent to TIMS, which will determine, based on the data, if the driver is eligible for a discounted auto quote. The information is then “anonymously” shared with auto insurance providers partnered with TIMS, according to the article.
Located in Delaware, TIMS is licensed in all states and the District of Columbia. In a disclaimer, the agency said that the insurance policies offered through the program are underwritten by non-affiliated insurance companies, according to the article.
The concept of UBI is not exactly new. In fact, Tesla recently announced it would be offering insurance to its drivers and, earlier this year, Porsche announced the same.
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