One in 4 Americans willing to let insurers monitor their driving

One in 4 Americans willing to let insurers monitor their driving

More than one in four Americans are willing to let insurance companies monitor their driving through an app on their smartphone in return for lower insurance rates, according to a survey by the Deloitte Center for Financial Services. They didnêt expect a specific minimum discount in return.

About the same number of respondents said they would consider allowing such monitoring if they were given a sufficient discount. A little less than half of those surveyed said they would not want their driving monitored under any circumstances. Among those who were open to monitoring, most expected a discount of 6% to 10%. Not surprisingly, the smartphone generation (those aged 21 to 29) was more willing to consider monitoring.

Although most monitoring now occurs through a special device that is part of the vehicle, future monitoring is more likely to be done through a smartphone app, Deloitte said. It is less expensive for insurers and also lets consumers get faster feedback.