Computer viruses are nothing new. The brutal lessons learned from those who’ve survived them make us more cautious when surfing the digital wave on our devices. But how often do we think of our vehicles as motorized computers? Today’s automobiles include operating systems that provide climate control, fuel efficiency, satellite-based entertainment, automated safety features and more. Basically, we’re driving smartphones on wheels, something we tend to forget.
Have you heard of Progressive’s Snapshot? It earned $2.6 billion in insurance premiums in 2014 alone. Usage-based insurance (UBI) is a booming sector – and V2V and IoT (Internet of Things) technologies are driving its growth. The Motley Fool takes a look at UBI – and why it is projected to be a $60 billion market by 2020.