- 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.
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