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