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TheStreet Open House

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)

Stocks in this article: PGR

Progressive:

This cool Snapshot gadget from Progressive won't cost you a cent, but it could save you up to 30 per ...

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)

Highlights

  • 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.”

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