State Farm Partners With Ford on Data Driven Cover

Can a manufacturer branded insurance offer work? In some cases yes, Tesla being a very good example. Here’s some news from State Farm in the US, who have partnered with Ford. One crucial detail as regards data sharing is that consumers might trust a major brand more than say a broker, when it comes to privacy, cyber attacks etc. That isn’t to say big brands are immune from data breaches, but the matter of exactly where, when and how times a week you drive a particular route is sensitive for many policyholders. Big car makers are also well placed to sweeten the insurance data deal with accessories, free servicing or lifestyle vouchers too.

State Farm® and Ford are excited to announce the launch of Drive Safe & Save™ Connected Car for customers with eligible connected Ford or Lincoln vehicles, to benefit from usage-based insurance (UBI). State Farm customers with eligible connected vehicles can opt into the State Farm UBI program, Drive Safe & Save, which adjusts premiums to an individual vehicle’s mileage and customer driving behavior.

State Farm will debut Drive Safe & Save Connected Car in Alaska, Idaho, Montana and Oregon, for policies effective on or after Feb. 27, 2022, followed by a rollout across more states (excluding Calif., Mass. and R.I.).

As a result, State Farm customers that drive an eligible Ford or Lincoln vehicle can better manage their overall vehicle ownership costs, by benefiting from their good driving behaviors or learning to improve their driving habits and in turn, reducing their premium. Eligible 2020 Model Year and newer connected Ford vehicles, with the consent of the vehicle owner, can share information directly with State Farm to enable Drive Safe & Save. The more customers improve their driving behaviors, the greater the insurance discount they may obtain.

“Customers can better manage their car insurance premium because their rate will be more closely associated with their personal driving characteristics,” says State Farm SVP Property and Casualty Chris Schell. “Drive Safe & Save represents a significant auto discount opportunity, including an initial 10% participation discount off major coverages. Discounts average between 10 and 15%, with even higher discounts possible depending on individual driving behaviors.”

“Connected vehicles have the potential to deliver great benefits to Ford customers, including the ability to help lower their car insurance premiums through good driving behaviors,” said Alex Purdy, Director of Business Operations, Enterprise Connectivity, Ford Motor Company. “We’re excited about State Farm’s approach of using Ford’s built-in connectivity to offer Ford and Lincoln customers new ways to save money. This agreement further builds on our strong and long-standing relationship with State Farm to continue to deliver value for our mutual customers.”

About alastair walker 8713 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.