This cool Snapshot gadget from Progressive won't cost you a cent, but it could save you up to 30 percent on your car insurance. (Photo: Business Wire)
- Progressive releases findings from detailed analysis of five billion driving miles—the most in-depth study of usage-based insurance (UBI) ever conducted:
- Actual driving behavior is the leading variable in predicting a driver’s risk, carrying more than twice the predictive power of any other factor.
- Drivers with the highest-risk driving behavior have loss costs that are approximately 2.5 times the costs of drivers with the lowest-risk behavior—suggesting that the range of rates can be far wider and more personalized than they are today.
- The majority of drivers who are lower-risk subsidize the minority of higher-risk drivers.
- Seven out of ten drivers who try Progressive’s Snapshot® UBI program have qualified for a discount, which can be as high as 30 percent for the lowest-risk drivers. Progressive now expands access to Snapshot to drivers who aren’t Progressive customers.
MAYFIELD VILLAGE, Ohio – Progressive today released new findings from an analysis of five billion real-time driving miles, confirming that driving behavior has more than twice the predictive power of any other insurance rating factor. Loss costs for drivers with the highest-risk driving behavior are approximately two and a half times the costs for drivers with the lowest-risk behavior. These results suggest auto insurance rates can be far more personalized than they are today.
Progressive has also found that 70 percent of drivers who have signed up for its Snapshot UBI program pay less for their insurance. Now, it’s expanding access to Snapshot to all drivers—not just Progressive customers— who can take a free test drive of Snapshot, and after 30 days find out whether their own driving behavior can lower the price they pay for auto insurance. 1“The consumer was right all along,” said Glenn Renwick, Progressive’s President and CEO. “For most, the rates they’re paying are higher than the risk they actually present—and in many cases, much higher. Until now, insurers had no effective way to capture actual driving behavior and factor that into the rates they could offer. But we have made a meaningful start toward personalized insurance pricing that’s based on measuring real-time driving behavior—the statistics of one.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV