Teenaged and young adult drivers are also eligible for special rate programs that utilize telematics. Although these age groups have traditionally been difficult and costly to insure, programs such as Safeco Corp.’s Teen Safety Rewards (formerly called Teensurance) and American Family Mutual Insurance Co.’s Teen Safe Driver Program use on-board surveillance technology to track driver locations and driving habits. Young drivers who consistently drive safely get a substantial break on their auto insurance premiums. Teen Safety Rewards, for example, is GPS-based and offers drivers up to age 25 as much as a 15% discount. Other companies such as Nationwide Mutual Insurance Co. and State Farm Mutual Automobile Insurance Co. offer discounts to young drivers who complete safety courses (some may be taken online). Also of note is Fireman’s Fund Insurance Co.’s offer to independent young adults up to age 27 who can qualify for their parents’ multiline, multicar and long-term customer discounts of between 35% and 50%.
In a similar vein, life insurance premiums may be discounted for certain policy holders who agree to have their habits tracked by smartphone or wearable devices such as the Fitbit. John Hancock was the first U.S. insurer to institute such a policy, which it calls Vitality, in 2015. Under the policy, customers earn points for healthy habits such as not smoking, maintaining low cholesterol levels and regular exercise. There are three point levels: silver, gold and platinum. Gold level participants, for example, enjoy about a 9% discount on a 20-year, $500,000 term life insurance policy.
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