One in every three consumers is aware of usage-based insurance (UBI), tripling its awareness in the last three years, according to a new research from LexisNexis Risk Solutions, although only three percent of respondents to the LexisNexis study are "aware and use" telematics.
The number of consumers who are aware of what UBI is has steadily increased over the last three years. LexisNexis reports only 10 percent of consumers were aware of it in 2010 with that number at 36 percent this year.
The study found discounts are the number one driver for UBI enrollment with 50 percent of consumers likely to sign up for telematics in exchange for a 10 percent premium discount while 36 percent of consumers would change carriers to receive a 10 percent discount.
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