Nick LawtonNew Item on the Market: Blessing or Curse?
July 22nd 2009 04:21
Well, if you sign up for Progressive Insurance's latest program, that judge will be right up in the front seat with you.
The program is called MyRate and it just came out this week. It's Progressive's new Pay As You Drive program. What this basically means is that if you're a safe driver or one that drives less frequently and more on occasion, you could end up saving money on your auto insurance, up to 35% more, to be exact.
What's the down-side? It's a double-edged sword. If you drive in an unsafe or constant manner, you could also wind up paying more for your car insurance.
Just think for a second that Geico stack of money with the goggly eyes sitting on the edge of a needle. You keep that needle steady, and the money stays there. Rock it too much, and the money you're saving disappears from view.
But how does this little devide reveal all of these details about your driving?
As you can see in the picture, it's a tiny device roughly a bit smaller than a cigarette pack. Once you enroll in the program, you receive the device, which plugs into the cigarette lighter of your car. There's instructional videos online if you really need help with that, but hopefully you won't.
Then just drive. The device will wirelessly and securely send the information about when, how much, and how you drive your car to headquarters. This info. will determine your insurance rate, whether it increases or decreases, at the time of renewal, which is every six months.
You can also track how you're driving. Check in and see your projected renewal rate by logginh onto progressive.com.
You can cancel the program at anytime, but take heed that just because you do, your rates won't go back to normal. This program also profiles your car as a risk or not, so be vigilant.
So it can be a huge asset, or like Big Brother in the back seat.
Blessing or Curse? You be the judge.
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