1. A risk unit based system, comprising: an on-board vehicle computing device including at least one processor and at least one memory storing computer readable instructions that, when executed by the at least one processor, cause the on-board vehicle computing device to: receive, from at least one sensor arranged on a vehicle, driving data associated with at least one of: a user operating a vehicle and an environment in which the vehicle is being operated; analyze the received driving data to determine a consumption rate of risk units associated with an insurance policy associated with the vehicle, each risk unit representing a cost to insure an average user for a predetermined period of time; transmit, to an insurance system server, the determined consumption rate of the risk units; the insurance system server having at least one processor and at least one memory storing computer-readable instructions that, when executed by the at least one processor, cause the insurance system server to: receive, from the on-board vehicle computing device, the determined consumption rate of the risk units; reduce a number of risk units in a risk unit account associated with the user based on operation of the vehicle, wherein the rate at which the number of risk units is reduced is based on the determined consumption rate; determine whether a balance of risk units in the risk unit account is below a predetermined threshold; responsive to determining that the balance of risk units is below the predetermined threshold, provide a notification to the user that the balance of risk units is below the predetermined threshold, wherein providing the notification further includes: requesting user input associated with adding a number of additional risk units to the risk unit account; and requesting user input associated with payment information for paying a cost of purchasing the additional risk units.