Using vehicle telematics to compensate drivers for increases in fuel prices

Abstract

Aspects of the present disclosure are directed toward systems and methods for using vehicle telematics information to compensate individuals for increases in fuel prices above a guaranteed fuel price. The approaches described herein compensate the individuals based on the difference between a guaranteed fuel price and a comparison fuel price for a coverage period, the distance traveled during the coverage period, and the estimated fuel economy of the vehicle type. A baseline fuel price is determined and used to set a guaranteed price for a coverage period. During the coverage period, a telematics device collects telematics information associated with trips taken in a vehicle. That telematics information is then stored at a data store and used to compensate an individual associated with the vehicle when fuel prices rise during the coverage period to exceed the guaranteed fuel price.

What is claimed is: 
     
         1 . A method comprising:
 storing, by a compensation system, a guaranteed fuel price;   receiving, at the compensation system from a telematics device, telematics information collected by the telematics device during a predetermined time period wherein the telematics information comprises a total number of distance units traveled by a vehicle during the predetermined time period;   determining, by the compensation system, that a comparison fuel price for the predetermined time period is higher than the guaranteed fuel price;   determining, by the compensation system, an estimated fuel economy based on a vehicle type of the vehicle; and   determining, by the compensation system, a compensation amount based, at least in part, on
 i) a difference between the guaranteed fuel price and the comparison fuel price, 
 ii) the total number of distance units traveled, and 
 iii) the estimated fuel economy.