Farmers Insurance has launched a new usage-based insurance program for commercial auto in Washington state.
Business owners who sign up for the FairMile program can choose per-mile pricing, so they don't have to pay insurance on vehicles that aren't being driven. They receive plug-in devices for vehicles in their fleets that sync data to an app. Data reported includes monthly mileage reports, vehicle location tracking, trip summaries, insights into driving behaviors performed in vehicles, and some engine fault alerts.
"We recognize that all businesses are created differently, but for many, driving operations can change from day-to-day or from season-to-season. The FairMile program provides a flexible option for customers who prefer usage-based pricing to address this variabilityn," said Aaron Cruz, product development lead for the FairMile program at Farmers Insurance, in a statement. "As an added value, we look forward to providing our customers with insightful vehicle information displayed via the FairMile app. This new offering is just the latest demonstration of our commitment to meeting needs of an evolving marketplace."
