System and method for the assessment, pricing, and provisioning of distance-based vehicle insurance
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United States of America Patent
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Jul 26, 2011
Grant Date -
Dec 13, 2007
app pub date -
Apr 23, 2007
filing date -
Oct 29, 2004
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A method of providing vehicle insurance is disclosed. Determining a number of unexpired units distance under an existing insurance policy, the existing policy being defined in part by coverage for a predetermined number of units distance for a specified vehicle is disclosed. Assessing a premium per unit distance for a new policy, and providing coverage under the new policy for the unexpired units distance under the existing policy in exchange for receiving a payment comprising the difference between the premium per unit distance for the new policy and a premium per unit distance for the existing policy multiplied by the number of unexpired units distance is disclosed.
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