System and method for usage based insurance for on-demand rental device

Abstract

Systems and methods provide for usage based insurance. The insurance system can apply rental insurance based on realtime operational parameters and on a usage history of the renter so that the insurance being applied to the rental period accurately reflects the risks and costs of the device usage. Realtime operational parameters of the device can be obtained from an electronic control unit on the device. The operational parameters can include information about how the vehicle is being operated and whether or not the device is being used in an autonomous or semi-autonomous operating mode. The usage history can include prior operational parameters from previous rental periods, traffic and other regulatory violations, and other relevant information associated with the user. The usage based insurance can apply to the entire rental period, or to portions of the rental period.

1 . A system comprising:
 one or more processors coupled to a memory that stores instructions that, when executed by the one or more processors, cause the one or more processors to:
 determine, in response to a usage request for a rental device, a baseline insurance rate based on one or more of: an estimated time of usage of the rental device, prior user operation information, and rental device usage history information; 
 determine one or more charge milestones that alter the baseline insurance rate; 
 monitor one or more operational parameters associated with usage of the rental device; 
 update the charge milestones based on the one or more operational parameters; and 
 transmit information associated with the charge milestones to a local user device. 
   
     
     
         2 . The system of  claim 1 , wherein the information associated with the charge milestones is displayed to a user on the local user device. 
     
     
         3 . The system of  claim 2 , wherein the local user device is the rental device. 
     
     
         4 . The system of  claim 1 , wherein the one or more operational parameters pertain to how safely the rental device is being used by the operator. 
     
     
         5 . The system of  claim 1 , wherein the instructions further cause the processor to save the one or more operational parameters as prior user operation information 
     
     
         6 . The system of  claim 1 , wherein at least one of the one or more operational parameters are received from a mobile computing device of the operator. 
     
     
         7 . The system of  claim 1 , wherein at least one of the one or more operational parameters are received from a network communicatively coupled to the rental device. 
     
     
         8 . The system of  claim 1 , wherein at least one of the one or more operational parameters are received from a network server communicatively coupled to a bridge device that is communicatively coupled to an electronic control unit of a rental vehicle. 
     
     
         9 . The system of  claim 1 , wherein instructions further cause the processor to generate a risk analysis score based on the usage history information and determine the baseline insurance rate based on the risk analysis score. 
     
     
         10 . A method comprising:
 determining, in response to a usage request for a rental device, a baseline insurance rate based on one or more of: an estimated time of usage of the rental device, prior user operation information, and rental device usage history information;   determining one or more charge milestones that alter the baseline insurance rate;   monitor one or more operational parameters associated with usage of the rental device;   updating the charge milestones based on the one or more operational parameters; and   transmitting information associated with the charge milestones to a local user device.   
     
     
         11 . The method of  claim 10 , wherein the information associated with the charge milestones is displayed to a user on the local user device. 
     
     
         12 . The method of  claim 11 , wherein the local user device is the rental device. 
     
     
         13 . The method of  claim 10 , wherein the one or more operational parameters pertain to how safely the rental device is being used by the operator. 
     
     
         14 . The method of  claim 10 , further comprising saving the one or more operational parameters as prior user operation information 
     
     
         15 . The method of  claim 10 , wherein at least one of the one or more operational parameters are received from a mobile computing device of the operator. 
     
     
         16 . The method of  claim 10 , wherein at least one of the one or more operational parameters are received from a network communicatively coupled to the rental device. 
     
     
         17 . The method of  claim 10 , wherein at least one of the one or more operational parameters are received from a network server communicatively coupled to a bridge device that is communicatively coupled to an electronic control unit of a rental vehicle. 
     
     
         18 . The method of  claim 10 , further comprising generating a risk analysis score based on the usage history information and determining the baseline insurance rate based on the risk analysis score. 
     
     
         19 . A non-transitory computer readable medium comprising program code that, when executed by one or more processors, causes the one or more processors to:
 determine, in response to a usage request for a rental device, a baseline insurance rate based on one or more of: an estimated time of usage of the rental device, prior user operation information, and rental device usage history information;   determine one or more charge milestones that alter the baseline insurance rate;   monitor one or more operational parameters associated with usage of the rental device;   update the charge milestones based on the one or more operational parameters; and   transmit information associated with the charge milestones to a local user device.   
     
     
         20 . The non-transitory computer readable medium of  claim 1 , wherein the information associated with the charge milestones is displayed to a user on the local user device.