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Although it’s been around for a decade, Usage Based Insurance (UBI), sometimes referred to as “pay-how-you-drive” and “pay-as-you-drive,” is quickly growing in popularity.

IHS Automotive predicts that by 2023, 142 million customers will sign up for usage-based policies worldwide, compared to the under 12 million in 2015.

UBI uses cutting-edge telematics to monitor driving behaviors, miles driven, speed regulation, sudden braking, hard turning, and much more. Insurance companies use the data collected to determine their customers’ coverage costs.

About 70 percent of all auto insurance companies are expected to use UBI via telematics by 2020 according to SMA Research.

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All major auto insurance providers offer a one-time discount for installing a monitoring device, and some even offer a discount for each vehicle enrolled.

After 60 to 90 days or upon policy renewal, there’s usually a hefty payout based on the driving data – the safer the driving, the bigger the savings. Most companies promise they won’t increase the rates based on this data, but some say they will if the driving is bad enough.

With telematics, safe driving doesn’t just protect you and those around you, it puts money back in your pocket. This is the best motivation for motorists in the history of driving.

Take this quiz to see if you should Drive Safe & Save by giving your insurance company a SnapShot of your Journey.

Telematics — By the Numbers

The Insurance Research Council performed a survey in 2015 that found 56 percent of drivers to purposefully improve their driving due to a tracking device provided by their insurance company, and 88 percent said they found the information provided to be helpful. These devices are even more popular and effective today.

One of the most interactive driving devices out there, DriveSync, makes some bold claims on its standout website:

“DriveSync by IMS delivers a suite of intelligent connected car services that transform driving into a truly intelligent experience, making you more productive and saving you time and money, with safety remaining at the core – with new services introduced on a regular basis! Forget about smart cars – this is about a smarter you.”

The name of American Family’s driving device is another big draw to customers, being able to Know Your Drive. We are living in The Quantified Self Era where minute details of our day-to-day lives are analyzed: calories burned, steps taken, movements per hour, minutes of REM sleep, and even our decisions behind the wheel.

These tracking devices provide us with invaluable information that can help us add years to our life and hundreds to our bank account.

Insurance CompanyProgramDeviceEnrollment Discount (Up to)Earned Savings (Up to)
AAAAAADriveMobile App15%30%
AllstateDrivewiseMobile App3%15%
American FamilyKnowYourDriveMobile App or Plug-in5%20%
EsuranceDriveSenseMobile App5%30%
GeicoDriveEasyMobile App-20%
Liberty Mutual/SafeCoRightTrackMobile App or Plug-in5% and up30%
MetLifeMy JourneyPlug-in10%30%
MetromileMetromileMobile App-60%
Mile AutoMile AutoNeither-40%
NationwideSmartRideMobile App or Plug-in10%40%
ProgressiveSnapshotMobile App or Plug-inaverage of $2520%
State FarmDrive Safe & SaveMobile App or Plug-in5%30%
The HartfordTrueLanePlug-in5%25%
TravelersIntelliDriveMobile App10%20%
USAASafePilotMobile App5%20%

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