Automakers are about to shake up the auto insurance industry

Last week, Elon Musk announced Tesla’s intent to launch a UBI (Usage-Based Insurance) product in Texas, starting in October. This came after GM’s and Ford’s recent launches of telematics insurance programmes. Finally, the move towards embedded connectivity is now impacting insurance too. In its latest research, PTOLEMUS Consulting Group has found that connected car insurance is increasingly replacing traditional car insurance, driven by the COVID pandemic but also OEMs’ own initiative...