Patent ID: 8180655
Filing Date: 2012-05-15
Classification: G06Q

Abstract:
1. A method of issuing and maintaining a dynamic vehicle insurance policy, the method comprising: receiving, by a computing device having a computer processor and computer-readable code stored on a computer-readable medium and executable by the computer processor, vehicle data from a data processing module installed in a vehicle covered by the vehicle insurance policy; deriving, by the computing device, a premium and issuing a vehicle insurance policy for the vehicle using the vehicle data, the issued vehicle insurance policy having the derived premium; receiving, by the computing device, further vehicle data from the data processing module; deriving, by the computing device, a modified premium using the further vehicle data; computing, by the computing device, an arithmetical difference between the premium mid the modified premium; determining, by the computing device, if the arithmetical difference between the premium and the modified premium exceeds a threshold value; and modifying, by the computing device, the issued vehicle insurance policy to have the modified premium if the threshold value is exceeded.