Is Usage Based Insurance Finally Becoming A Reality?

As the sharing economy leads more consumers to avoid ownership altogether, many in the automotive industry have been predicting a big shift in how people will use and experience cars. Less frequently discussed is just how this might change the nature of how we buy and keep insurance.

If consumers only use a car on occasion, or have a fractional ownership, then the insurance they buy has to accommodate that.

An article on VentureBeat digs into the potential future of what the industry calls UBI (Usage Based Insurance) and explores whether it might be coming sooner rather than later.