A new industry analysis from IHS Inc.’s IHS Automotive asserts that usage-based auto insurance will explode globally in the next seven years, reported Insurance Journal.
IHS Automotive predicts that 142 million customers will sign up globally for the telematics-infused policies by 2023, up from almost 12 million in 2015.
Usage-based auto insurance relies on a telematics system inside the vehicle that captures real-time info about how a driver fares and the road and the risks encountered along the way.
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