Your life. Your insurance.
Today, in order to determine you car insurance premium, many insurance companies worldwide focus on demographics like age, gender, marital status, or credit score. Since historically this was the only data that they had available to them in order to determine your risk of getting into an accident, we cannot judge them too harshly. However, now that it's easier to collect, communicate and analyze data, there is a better way to price premiums that's fair for you, the driver. And that's exactly the reason Allegory exists.
In order to determine your risk as a driver, Allegory focuses on what research has determined are the primary risk indicators to help insurers provide you with a better insurance premium. Unlike your age, gender, or credit score, these indicators give a lot of information about your overall driving behaviour and your cost to insure. We call this the Allegory Insurance Score, consisting of four components:
- How you drive: Are you an attentive driver? How harshly do you accelerate or brake? How quickly do you turn corners? This component measures how you actually drive.
- What you drive: If your car is smart, your insurance should be too. This component takes into account driver assistance systems that make it easier for you to drive safely. Anything from Forward Collision Warning to Parking Sensors and Keyless Ignition.
- How much you drive: Most people drive only a fraction of the time during the period of their insurance policy. Especially with the COVID-19, many have seen their driving habits change significantly, and time on the road directly determines accident risk, and this component makes sure that's taken into account.
- Where you drive: We never use your zip or postal code to determine driving risk, but some locations have been shown to be prone to accidents. This component measures how often you drive through such areas and its affect on your risk of an accident.
We use three primary data sources to build your Insurance Score. These are:
- Your Smartphone: Your smartphone has many sensors that indicate your driving behaviour. We only use these sensors when you drive, not when you're at a drive-through or on a bus.
- Your Vehicle: Most new vehicles are equipped with a lot of standard safety features. Once you provide your vehicle's 17-digit Vehicle Identification Number (VIN), we can gather what standard and optional safety feature your vehicle has.
- Your Input: Once you start using the Allegory App, we assign you tasks to develop your Insurance Score. In these tasks, we ask you to provide us with some details in order to calibrate your Insurance Score.
Your Insurance Score is not a one-time thing, if you improve your driving behaviour it will improve over time. Since our goal will always be to help you save money on your car insurance premium, we recommend using the Allegory App so you can save even more as your Insurance Score improves. Most importantly, we only share what you allow us to share with your insurance company.
To recap, these are the three easy steps you should do to save hundreds of dollars on your car insurance premium:
- Download: Download the app and start driving.
- Improve: Allegory Smart Coaching will help you improve your Insurance Score.
- Save: Share your score with your insurance company or broker when you are ready.
It's that simple! Saving on insurance has never been this easy.