Allstate Corp and Progressive Corp, the auto insurers, have reached a settlement for a patent dispute that had been occurring between the two insurance giants, which was over technology that allowed the companies to alter a driver’s premiums based where, how, and how frequently he or she drives. The dispute began when Progressive filed a lawsuit against Allstate, claiming that the latter had infringed on patents and trademarks owned by the former, which are a part of “usage-based” insurance. Progressive released a statement that explained that some of its patent…
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Progressive offers a huge discount with new “Pay As You Drive” program
Earlier this year, the Progressive insurance company began offering Florida residents a pay-as-you-drive insurance program. Dubbed Snapshot, the program gives consumers lower rates of approximately 30% on average, based on their driving behavior. The insurer analyses driving habits with the help of a small device that is installed in vehicles. According to the insurer, the device has tracked over two billion miles, and is now ready to be used throughout the nation. Drivers that signed up are reporting a savings on average of $150 annually. Progressive notes that the possible…
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