To offer a device for measuring how drivers drive
Progressive Group has unveiled its MyRate program which gives car drivers a personalized rate based on their driving habits. The program is for the business travelers who park their cars at the airport several days a week. These drivers are all less likely to be in an accident, so they deserve to pay less for car insurance.
According to Progressive, when drivers sign up for its MyRate program, they get a small device that plugs into their car and measures how they drive. Cars driven less often, in less risky ways, and at less risky times of day get a discount. The program also offers savings wherein new Oklahoma customers get an immediate 5% discount when they sign up for it. When the customer renews their policy, they could save up to 25% or more based on their driving habits.
In addition, the company said that its MyRate program is available to Oklahoma drivers who purchase policies directly from Progressive online or by phone. After the first policy term, $5 is added to the premium each month to cover technology expenses. Drivers can opt out at any time. The MyRate device doesn’t have GPS, so it doesn’t track a driver’s location.
Richard Hutchinson, general manager of usage-based insurance at Progressive, said: “MyRate is best for people who drive fewer miles than average, at low-risk times of day, and keep alert for others on the road. They don’t follow too closely behind other cars so they don’t have to over-react or slam on the brakes.”