Progressive Launches MyRate Tracking Device for Kentucky Auto Insurance
Monday, January 19th, 2009
Progressive Insurance is launching its MyRate tracking device in Kentucky this week, according to Alex Davis from the Courier-Journal. The product is a small computer that plugs into a car’s diagnostic port under the dashboard (for cars built after 1996) and tracks a person’s driving habits. Based on those results, individual auto insurance premiums will be calculated
Behaviors tracked by MyRate include:
- How often a driver slams on the brakes
- How often a driver accelerates rapidly
- When a vehicle is used
- How many miles are driven
The optional device doesn’t include a GPS system, so it can’t track where you go.
MyRate costs $5 extra per month. Customers recieve a 10% discount for the first six months after they sign up, after which premiums are adjusted based on tracking results. According to Alex, most people will save about 10-15% on their premiums if they participate on the program. People will save money on Kentucky auto insurance for a car that is only used on weekends, for example. However, beware that some individuals’ premiums may increase under the MyRate program.
Progressive is eventually planning a national rollout of the MyRate program, which is currently offered in seven states. On average, one in four customers in eligible states have opted in.
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