Progressive Introduces Behavior-based Car Insurance Program
Driving habits could save around 25%, or be charged up to 9% on car insurance
Progressive, an auto insurance group, has introduced an optional car insurance program, MyRate, that provides lower rates on vehicles insurance that are driven in less risky ways.
According to Progressive, MyRate is a behavior-based insurance program that uses patented technology to put consumers in control of their auto insurance rates. Drivers who sign up for MyRate, will receive a device to plugs into a port in their car and measures how much and when the car is being driven. Cars driven less often, in less risky ways, and at less risky times of day, can receive a lower premium.
Drivers who purchase the policy could save around 25%, or be charged up to 9% or more, based on their driving habits. Drivers will be able to see whether they are on track for a discount or an increase, by reviewing their driving data on company’s website.
The new program, pending state regulatory approval, will be rolled out countrywide.
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