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Progressive MyRate Insurance
While this service/product has been out for over a year in select areas, Progressive, Inc is rolling out their new MyRate program in Ohio.
What is MyRate you ask? Simply this. MyRate relies on a small device that is installed in your vehicle to monitor your driving habits and report them back to Progressive. The downside, of course is that if you’re not a safe driver (speeding, accidents, wreckless, negligent, etc) you could find higher rates. The upside, is that if you’re a careful driver you could save up to 30% on your current auto insurance policy with Progressive! That’s not small change.
While, I myself wouldn’t be interested in letting Progressive (or any other insurance company for that matter!) track my driving habits, this could be beneficial for those safe drivers out there that want to possible save some money. Apparently there is a $30 fee every 6 months to participate (waived initially, plus a 5% discount is applied), which does not make a lot of sense.
What’s the bottom line? In my opinion, this is going to be a bad move for consumers. It gives the insurance industry (which already has the upper hand in approving or denying claims) an even stronger edge, and of course, metrics in which to add to their risk profiles. Basically, consumers will be giving them real-world data that they don’t receive unless a claim is filed, and there’s a high probability that this won’t work to decrease rates.
That being said, Progressive is a fine automobile insurance company with great rates for most drivers, whether they have a bad driving record or not. So, if you feel you could benefit with this program, and you live in Ohio, contact a Progressive agent and ask them directly.
If anyone out there is using this service, please drop me a line. Very curious to see if rates are changing.
