Australian startup called GoFar has created a telematics system that tells you in real time how well you are driving and what it is costing you. The startup is run by its founder Danny Adams and a team of four including partner Ian Davidson and Indian maths olympiad medallist Imam Syed.
The GoFar is a pocket-sized device that is based on a Formula one performance meter. Using the device, drivers would know exactly how well they drive, the cost per trip and the savings they can make by driving well – both from an operational and insurance point of view. With GoFar placed on the dashboard, the driver is instantly informed if he or she does any of the following things: corners badly, swerves, over-brakes, overspeeds and/or over-accelerates.
The device plugs into the diagnostics port and shows the driver through a simple red and green display how he or she is driving. The driver subsequently “learns” how to avoid “wasteful” behaviour. The linked app also records and stores all the information on every trip, and gives a dollar value in petrol terms. So far the app has proven to cut petrol costs by between 13 percent and 23 percent.
This form of telematics is not completely new. However, most companies are concentrating on the adaptation of their products for the fleet market. Fleet cars are fitted with a black box and information is sent to a third party. GoFar can be used personally or adapted for fleet use.
The device can be adapted for insurance purposes in countries such as Britain where those electing to use telematics in their car have been offered discounts of about 25 percent. Young drivers, normally facing abnormally high premiums, have been able, through proof of good driving, to achieve substantial drops in premiums. Read more in a report by Adam Courtenay.