By Kukil Bora - Esurance, an online insurer owned by Northfield Township, Ill.-based Allstate (NYSE:ALL), has introduced a new website that can predict the rise and fall of local gas prices, and can provide details of gas stations with the cheapest prices in a particular zip code.
Once users enter their zip code on the new website -- Fuelcaster.com -- the system tells them whether to buy gas in that area now or wait until the next day for a cheaper price. According to the site, it can predict if the gas price will rise or fall within the next 24 hours with almost 90 percent accuracy.
“What you’ll find is a ton of apps — both free and paid — that show gas prices, but none that focus on retail with the granularity that Fuelcaster does,” Esurance told BuzzFeed in an e-mail. “The bulk of the data comes from GasBuddy.com, which is all user generated content. (Other) prediction sites are more focused on wholesale gas prices, versus local retail, which is what GasBuddy does.”
According to Esurance, the service has been tested with thousands of scenarios in zip codes across the U.S. In addition to predicting the price of gas, the website locates 10 gas stations in the area with the cheapest prices, and displays how much a gallon currently costs. It also help users navigate to the gas station of their choice.
“If you see ‘buy,’ gas prices are expected to rise. If you see ‘wait,’ prices are forecasted to fall. It's a simple way to save. Though we're confident in our predictions and prices, they're not guaranteed. Gas prices are influenced by many factors and savings will vary,” Esurance said in its website.
Fuelcaster has been optimized for mobile devices, and is scheduled to be launched on Monday.