Progressive’s usage-based insurance program earns a spot on the 2008 Fast 50 Reader Favorites list
MAYFIELD VILLAGE, Ohio . — Can a car insurance company really make the world a better place? Readers of Fast Company magazine think so. That’s why they named Progressive’s usage-based insurance program, MyRate, as a 2008 Fast 50 Reader Favorite.
Progressive’s MyRate Program lets drivers pay based on how, how much and when their car is driven.
Readers voted on innovations that are addressing the planet’s problems, and MyRate was named to the list for giving drivers a financial incentive to drive less and in safer ways.
“Usage-based insurance promotes less and safer driving,” says Richard Hutchinson, Progressive’s MyRate general manager. “During the pilot phase of the program we tracked more than 200 million miles driven and learned that drivers enrolled in the program were less likely to be involved in car crashes.”
MyRate combines driving data, wireless technology and Progressive’s knowledge of predictive behavior to charge drivers a rate based on how they drive. When customers choose to participate, they receive a MyRate device that plugs into their car’s onboard diagnostic system. It records how, how much and when the vehicle is driven and teaches drivers about their driving habits.
“We’re always looking for ways to give consumers more choices in car insurance and MyRate does just that,” says Hutchinson.
MyRate is currently available in a handful of states and a national rollout of the program will continue, pending regulatory approval, throughout 2008 and 2009.
For more information about MyRate, visit http://www.progressive.com/myrate.
The Progressive Group of Insurance Companies, in business since 1937, is one of the country’s largest auto insurance groups, the largest seller of motorcycle and personal watercraft policies, and a market leader in commercial auto insurance based on premiums written.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive rates and innovative products and services that meet drivers’ needs throughout their lifetimes, including superior online and in-person customer service, and best-in-class, 24-hour claims service, such as its concierge level of claims service available at service centers located in major metropolitan areas throughout the United States.
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