MyRateSM Available to Colorado Drivers
June 8, 2009 — MyRateSM, Progressive's optional, one-of-a kind, behavior-based car insurance program that lets drivers save big bucks based on how they drive, is now available in Colorado. Drivers who choose to sign up for MyRate receive a device that plugs into a port in their car and measures how, how much and when the car is being driven. Cars driven less often, in less risky ways and at less risky times of day could receive a lower premium.
It is now available to Colorado drivers who purchase polices from Progressive through its more than 1,000 independent insurance agents in the state. It will also be available to customers who purchase polices directly from Progressive online or by phone in mid-August.
New Colorado customers get an immediate first-term discount of up to 10 percent when they sign up for MyRate and, to cover the cost of the device and data transmission, a $30 technology expense is added to their premium for each policy term that they're enrolled in the program. When they renew their policy, they could save as much as 25 percent or more, or be charged up to 9 percent more, based on their driving habits.
Progressive has been an industry pioneer in understanding that how you drive should affect what you pay, starting with a usage-based program called Autograph in 1999 and later a program called TripSense®.
The MyRate program will continue to be rolled out to more states in 2009, pending state regulatory approval.
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