Would you let an insurance company track you driving habits to get up to a 60% less insurance premium?

[w¡n9Nµ7 §£@¥€r 123]

Are you the poster child for safe driving, always leaving plenty of space between you and the car ahead? Or a business traveler who parks your car at the airport or train station several days a week? Or maybe you have a car that you only take out for a spin on warm summer days. If so, your car is probably less likely to be involved in a crash, so shouldn't you pay less for car insurance?

Progressive thinks so, and that's why it's introducing an optional car insurance program that offers lower rates on vehicles that are driven in less risky ways. The behavior-based insurance program, called MyRate, gives drivers a customized rate based on how, how much, and when their car is driven. It will be available starting Aug. 8 to New Jersey drivers who purchase polices online, by phone, or through independent agents.

"MyRate is designed for consistent and safe drivers," said Richard Hutchinson, Progressive's MyRate general manager. "It's for people who drive at low risk times of day and who keep alert for others on the road. They don't make fast lane changes or follow too closely behind other drivers so they don't have to over-react or slam on the brakes."

Drivers who choose to sign up for MyRate receive a small wireless device that plugs into a port in their car. The MyRate device allows Progressive to see 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 can receive a lower premium.

Drivers with more than one car can select which, if any, of their vehicles to enroll in MyRate. For example, a person with a second car that isn't driven that often may enroll that car in MyRate but may decline to enroll their other vehicle if it is driven much more frequently or during higher risk times of day.

New Garden State customers can earn a first-term discount of up to 10 percent just for signing up. Then, when they renew their policy, their rate could decrease by up to 60 percent or increase by up to 9 percent based on their driving habits.

"Because MyRate could lead to a higher rate for some drivers, we want people to know that the program is not right for everyone," Hutchinson said. "The good news is that a customer who has signed up for MyRate can review their driving data in a secure part of progressive.com, see how their habits are affecting their rate, and, if they choose, make behavioral changes that can lead to real savings."

...

MyRate is now being rolled out countrywide, pending state regulatory approval.

http://www.marketwatch.com/news/story/new-...D&dist=hppr

[MrsCat 6]

No f-ing way - with my driving techniques I'd pay 60% more than I already do. I'd be their case study of don't do what Catt do.

[w¡n9Nµ7 §£@¥€r 123]

No f-ing way - with my driving techniques I'd pay 60% more than I already do. I'd be their case study of don't do what Catt do.

Well your premium increase would be capped at 9%. Either way, you could always just leave and go to another carrier at renewal time. Do you think you could benefit from the data MyRate would provide? Maybe make you a better driver by providing insights into your driving behavior that you were not aware of?

[Steve Y Jessica 1]

Hell no, I can't stand to drive slow. I don't have anything on my driving record or any accidents, but if they were to monitor me, I wouldn't last a day.

I tried driving the speed limit for a while to save gas, but that lasted about 4 days. And even then, I kept creeping over the speed limit.

[w¡n9Nµ7 §£@¥€r 123]

I think I would consider putting my car on this. I only drive it to work and back. And the drive is all local so there's very little room for speeding or other risky behaviors. We use my wifes Hyundai for all other driving, so my car gets used very little these days - 75 miles a week or so.

Edited July 29, 2008 by A.J.

[MrsCat 6]

No f-ing way - with my driving techniques I'd pay 60% more than I already do. I'd be their case study of don't do what Catt do.

Well your premium increase would be capped at 9%. Either way, you could always just leave and go to another carrier at renewal time. Do you think you could benefit from the data MyRate would provide? Maybe make you a better driver by providing insights into your driving behavior that you were not aware of?

Do you think you could benefit from the data MyRate would provide?

If I took initiative to drive better, then yes. Probably. It would be like a game - can I improve on my score from yesterday.

Maybe make you a better driver by providing insights into your driving behavior that you were not aware of?

I already have two devices to achieve this (1) the coppers who love busting me for not signaling, not fully stopping at a stop sign, speeding etc etc etc, and (2) the passenger hubster who loves to pray to god at the same time as asking me to drop him off at the bus stop. I am fully aware of my bad driving habits. Add a third device and someone or something will be getting stomped on with my three inch heels.

[Ban Hammer 14,585]

sounds like

big brother.........

[w¡n9Nµ7 §£@¥€r 123]

Is it really 'big brother' when you have to opt for it and it saves you money, assuming you're a good driver?

I see it as a way of demonstrating to a carrier that you do, in fact, belong to a lower risk pool.

[Steve Y Jessica 1]

The only time I could see doing this for me, would be with maybe some classic car that I only drive on weekend.

[w¡n9Nµ7 §£@¥€r 123]

The only time I could see doing this for me, would be with maybe some classic car that I only drive on weekend.

That strikes me as a good application of this program. Why pay "full" insurance for a car like that when you can pay 60% less?

[Ban Hammer 14,585]

Is it really 'big brother' when you have to opt for it and it saves you money, assuming you're a good driver?

I see it as a way of demonstrating to a carrier that you do, in fact, belong to a lower risk pool.

your driving record should speak for itself. having some monitoring system reporting back on you is big brother.

[Hilarious Clinton 452]

Is it really 'big brother' when you have to opt for it and it saves you money, assuming you're a good driver?

I see it as a way of demonstrating to a carrier that you do, in fact, belong to a lower risk pool.

Seat belts were optional once.

[w¡n9Nµ7 §£@¥€r 123]

Is it really 'big brother' when you have to opt for it and it saves you money, assuming you're a good driver?

I see it as a way of demonstrating to a carrier that you do, in fact, belong to a lower risk pool.

Seat belts were optional once.

Seat belts actively save lives.

This device wouldn't actively do anything... it's just a monitoring device. I don't see how they could use the seat belt argument to make this mandatory.

[Hilarious Clinton 452]

Is it really 'big brother' when you have to opt for it and it saves you money, assuming you're a good driver?

I see it as a way of demonstrating to a carrier that you do, in fact, belong to a lower risk pool.

Seat belts were optional once.

Seat belts actively save lives.

This device wouldn't actively do anything... it's just a monitoring device. I don't see how they could use the seat belt argument to make this mandatory.

Just a monitoring device. You go first.

[w¡n9Nµ7 §£@¥€r 123]

Is it really 'big brother' when you have to opt for it and it saves you money, assuming you're a good driver?

I see it as a way of demonstrating to a carrier that you do, in fact, belong to a lower risk pool.

Seat belts were optional once.

Seat belts actively save lives.

This device wouldn't actively do anything... it's just a monitoring device. I don't see how they could use the seat belt argument to make this mandatory.

Just a monitoring device. You go first.

For the right price, I may.

You used to live in this area, you've heard of New Jersey Manufacturers, right?

My wife and I will be eligible for NJM membership this September, since her employer is a member. I have heard very good things about that carrier, both in terms of premiums and good faith claims service. If we go NJM, I won't bother with Progressive.