January 13, 2010

Progressive's Behavior-Based Insurance Now in 3 States

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MAYFIELD VILLAGE, OH --- Progressive Casualty Insurance Co.'s MyRate insurance program, which ties premium charges to a client's driving behavior as recorded by an electronic monitoring device, is now available in Ohio, South Carolina and Oklahoma. 

The optional program is available to drivers in these states who purchase policies from Progressive online or by phone, the company said. 

Participants in the program receive a small wireless device that plugs into a port in the vehicle and measures how the vehicle is driven, how much it is driven and when it is driven. Vehicles driven less often, in less risky ways and at less risky times of the day qualify for lower premium rates, the company said. 

To cover the cost of the device and data transmission, a $30 technology expense is added to the driver's premium for each policy term that he or she is enrolled in the program. No technology expense is charged during the first term a driver is enrolled in the program. 

Progressive said the MyRate program will continue to be rolled out in more states pending state regulatory approvals.