Calgary brokerage launches time based telematics offering for commercial fleets

Calgary-based insurance brokerage InsureMy Ltd. has launched a new “Time Based Insurance (TBI)” product for commercial drivers and fleets in Alberta and Ontario, which the firm says is the first in Canada.

The offering uses telematics technology from Intelligent Mechatronic Systems (IMS) (the DriveSync product), allowing fleet operators and managers to receive insurance premium refunds based on actual vehicle usage. 

Read more: New brokerage focused on telematics in Ontario, Alberta

Commercial vehicle operators pay their regular insurance premium based on traditional rating criteria, but with the time-based product, they can receive a refund at the end of term for vehicle inactivity.  Operators can also receive a premium refund based on use while receiving full term coverage. 

“TBI is an ideal product for seasonal and fleet vehicles, making the hassle of removing and reinstating coverage a thing of the past. Commercial vehicle operators enjoy the money and time savings without the paperwork,” Hugh McTavish, president of InsureMy said in the announcement Tuesday.

“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,” he added.