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Released: February 04, 2011
How am I driving? Insurers may know
Source: Erik Holm, Wall Street Journal (Paid Registration)
After more than a decade of experimentation, auto insurer Progressive Corp. is on the verge of a nationwide unveiling of a new type of insurance that charges customers based, in part, on real-time information about how well they drive.
With a small device that plugs into a car’s onboard diagnostic computer, Progressive can measure when a policyholder uses their vehicle, how far they drive and how hard they brake. Customers who volunteer to install the device can get a markdown on their auto insurance of as much as 30% after 30 days, and lock in a discount when they mail the device back after six months.
Read Full Article: How am I driving? Insurers may know
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