Progressive Insurance Company has rolled out its version of the"Pay As You Drive" auto insurance program, which the company hasnamed MyRate, in Texas--the 15th state in which the program isavailable.
The program, which is optional for Progressive insureds, uses atelemetry device to monitor the number of miles driven, the time ofday the miles are driven, and how hard a driver accelerates andbrakes. These factors are then used to rate a given risk.
Progressive and other proponents of such a rating system saydrivers benefit because they are rated on how they drive. If theydrive safely, the rates can reflect that more accurately than othertraditional rating systems.
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