Most of us would like to pay less for our GEICO car insurance or other car insurance. For those of you who do not want to pay less – please do not read this article. For those of you who do in fact want cheaper insurance, please stay.
One of the pitfalls of driving is potential accidents and unsafe drivers around you. Some of us experience the anger and road rage of other unsafe drivers once in a while, which can lead to potential accidents. Is there an ideal way for bad drivers to be penalized? And how would you like to be rewarded for safe driving? Well, there is a way to sort things out.
Kasko2go has designed a method for safer drivers to pay up to 50% less for their car insurances. The new “GEICO” reduces overhead cost by using blockchain.
GEICO on Blockchain: Imagine
Imagine yourself paying 50% less each month on your GEICO car insurance. Wouldn’t it be a nice way to save on month-to-month costs? Who cares if you are using another car insurance if it is rewarding your safe driving skills over time?
GEICO on Blockchain: How to Kasko2go
Kasko2go is launching its platform in a variety of countries and still has yet to fully complete its roadmap. According to its commercial, you will need to download the Kasko2go app on your smartphone to take full advantage of the program once it is launched.
How the smartphone application will work is that it will measure your driving habits and offer recommendations for safer driving. As a result, safer drivers will pay less in insurance costs, while riskier drivers will pay more.
According to the commercial, in the event of an accident, insurance payment will be automatic, as it will be backed by a smart contract. One will be able to also get a damage assessment automatically by taking a photo of his/her car. The photo transmits your fingerprint and the system automatically calculates the cost of the insurance repair.
GEICO on Blockchain: Our Thoughts
While we believe that blockchain smart contracts can help, there are still some questions that we would like to ask. Such questions include:
- What if you do not agree with the other party on the extent and cause of the damage? (For example, there can be some internal damages to the car that you cannot fully assess through photographs.)
- If the accident injures someone, what if he/she is not healthy enough at the time of the accident to transmit their fingerprint via smartphone?
Though we believe that the project itself will offer great benefits, the company needs to resolve gaps and find ways to fully implement and address questions for all parties involved in an accident. The human touch is still needed for some complex cases.
Talent wins games, but teamwork and intelligence win championships.