A San Francisco-based technology firm said it has partnered with an Australian insurer to create a “trust-based” auto policy based on miles driven that involves no device attached to the vehicle.
Exigen Insurance Solutions said the new offering from Real Insurance (Australia) is the first of its kind and protects drivers' privacy.
Low-mileage drivers, according to Exigen, now have a new way to reduce the amount they spend on their auto premiums, with a product that lowers the technology barriers impeding the introduction of “PAYD”–or “pay as you drive”–in world auto insurance markets.
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