NAIC Launches Usage-Based Insurance Tester

The National Association of Insurance Commissioners (NAIC) has introduced a new assessment tool to help consumers determine whether they should consider usage-based insurance (UBI). For more than 30 years, the number of 16- to 44-year-olds with driver’s licenses has steadily dropped, while reliance on public transit has risen according to a report by Financial Regulation News. In 1983, almost 90% of 19-year-olds had a driver’s license. In 2014, that number had fallen to 69%. Those trends mean that new products like usage-based insurance are finding new customers.