One Calgary-based broker has announced Canada’s first Time Based Insurance product, aimed at the commercial and fleet manager market.
“TBI is an ideal product for seasonal and fleet vehicles, making the hassle of removing and reinstating coverage a thing of the past,” said Hugh McTavish, President of InsureMy Ltd. “Commercial vehicle operators enjoy the money and time savings without the paperwork. “As the first Canadian provider of TBI, we are proud to be able to offer this money saving insurance product to commercial vehicle operators and fleet managers.”
As the only Canadian provider of TBI, InsureMy is marrying traditional insurance products with innovative telematics technology offered by Intelligent Mechatronic Systems (IMS). This allows fleet operators and managers to receive insurance premium refunds based on actual vehicle usage.
“The advancements made by InsureMy in the insurance brokerage space re-iterate the value telematics can bring to fleet owners and managers,” said Lara Ghaddar, Senior Manager of Business Development at IMS. “IMS is excited to power Canada's first TBI solution with our DriveSync platform.”
Commercial vehicle operators pay their regular insurance premium based on traditional rating criteria, but with InsureMy's TBI, they can receive a refund at the end of term for vehicle inactivity. InsureMy's TBI insurance allows operators to receive a premium refund based on use while providing the convenience of full term coverage.
IMS' DriveSync connected car platform measures vehicle usage behavior in real-time, enabling cost-savings for commercial owners using fleet telematics.
