To understand what makes this possible, we'll provide a little background on how traditional insurance pricing works and how SteadyDrive's program differs.
How SteadyDrive Can Help You Save Money on Car Insurance
Traditionally, auto insurance companies determine your rate based on demographic factors that have nothing to do with your actual driving abilities.
For example, your credit score, age, gender, marital status, and where you live could all heavily impact your rate, yet these factors don’t directly indicate how safely you drive.
Do all 27-year-old single males living in Texas drive the same? Of course not! And that’s why SteadyDrive enables users to let their good driving habits be taken into account when looking for auto insurance.
SteadyDrive’s mission is to give power back to the driver, and your good driving habits are a key factor to taking control of your auto insurance premiums.
How is this possible?
Through the use of telematics technology.
Over the years, auto insurers have adopted telematics insurance programs to give them more information when pricing a policy and to reward safe drivers with policy discounts.
With a driver’s permission, telematics devices track driving behavior and assess driver risk based on their actual driving habits.
You may be familiar with traditional telematics programs run by major auto insurance companies, and these programs have grown significantly in popularity, with nearly 60% of consumers who were offered a telematics program opting in to save (JD Power, 2023).
While many consumers have reported satisfaction with their carrier’s telematics program, over 40% have seen their rates increase.
Telematics rewards you for being a safe driver and helps to reduce any demographic biases that may affect how an insurance policy is priced.
What makes SteadyDrive different?
Unlike the telematics programs run directly by insurance companies, SteadyDrive enables drivers to take an anonymous test drive to see if they qualify for a telematics-informed discount without having to register with an insurer-specific app or switch policies.
The SteadyDrive experience will not negatively impact your current insurance, and there’s no obligation to switch carriers. Although many SteadyDrivers find their earned discount compelling and do decide to sign-up for a new policy.
RELATED: 28 Car Insurance Discounts to Ask Your Insurance Agent
What factors do we consider when measuring safe driving behavior?
When participating in the SteadyDrive experience, the following are tracked through your smartphone:
- Speed
- Acceleration
- Braking
- Cornering
- Phone use while driving
Certain insurance carriers may also look at the amount of nighttime driving you do and whether or not you drive primarily on local roads or highways.
You can monitor your progress and see how you're scoring in the SteadyDrive app along the way. After about a month, we will let you know if you’re eligible for a personalized discount to save money on your car insurance from one of the leading insurance carriers on our platform.
Can this impact my current rate?
Unlike insurance-run Usage-Based Insurance programs, the need for location tracking with SteadyDrive is temporary. We only track your driving during the test drive.
When participating in the test drive, your driving data is collected and accessed anonymously, and insurers do not have a way to connect your driving data with who you are.
Therefore, there is no risk that your current rate will increase or that you will be restricted from purchasing other insurance products.
Ready to Get Started with SteadyDrive?
Getting started with SteadyDrive is quick and easy:
- Download the App: Get the free SteadyDrive app and signup in seconds.
- Start the Test Drive: Drive safe & you could qualify for savings on auto insurance.
- Qualify for Discounted Rates: Get personalized insurance quotes based on your driving behavior.
Safe drivers can save hundreds per year on car insurance
