Online Auto Insurance (OAI) has been encouraging customer awareness over a broader array of opportunities to find discounts on their coverage through motorist behaviors such as safe driving and low mileage, following a number of recent reports that are showing that insurers are likely to begin significant investments into technology that will record and transmit information about the driving behaviors of policyholders. A growing number of insurance companies have already been offering programs on an optional basis that allows motorists to install an electronic device into their vehicle that will…
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Patent for usage-based insurance goes to Progressive for the fourth time
Progressive Insurance has announced that it has received a patent for usage based system technologies for the fourth time for its Pay As You Drive program, which is available to drivers in the United States. The program involves using a driver’s safety score to change his or her premiums based on monitored driving data and is now patented under U.S. Patent No. 8,090,598. The usage based insurance (UBI) program at Progressive is called Snapshot, and it is now available to drivers in the District of Columbia and 39 other states.…
Read MoreProgressive 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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