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MyRate Gets a New Name but Offers the Same Savings

Many people are looking for ways to save money on their car insurance. Some people feel that they shouldn't be paying high amounts on their car insurance because they drive safely and don't drive many miles per year. Progressive auto insurance has a unique auto insurance plan that makes use of innovative and modern technology to assess someone's driving risks. Progressive's SnapShot auto insurance discount plan used to be known as "MyRate".

What is it, exactly? It is simply a device that plugs into your car's diagnostic port. The device then collects and sends data concerning your driving habits to the insurer. The type of information recorded includes the number of miles driven, the time of the day where the car is used and the number of sudden stops that are made. All of these factors affect the risk that you pose to insurance companies.

It is a well-known fact that those who drive less are statistically less likely to be involved in an automobile accident, due to the simple fact that they simply do not use their cars as much. There are also times during the day in which accidents are more likely to occur. And lastly, making too many sudden stops could show that the driver is behaving aggressively or is not judging the distance between other vehicles on the road adequately.

Many people might have privacy concerns over the use of such a device in their vehicles. However, as per the Progressive website, the device does not contain any GPS tracking technology and therefore does not transmit any information whatsoever that would let the insurance company determine your location. It also is not able to see whether you are exceeding the speed limit or violating rules of the road, such as going through a stop sign without stopping first.

Currently, the program is available in 20 states and is compatible with nearly all vehicles that were built after the year 1996. Contrary to what some people may think, the device does not come with any outrageous fees, despite it being an innovative tool. In some states, there is a fee of $30 for the SnapShot device that you install in your car, however it is offered free in most states. It also doesn't require you to visit a mechanic or have any specific technical knowledge to install the device in your car. All instructions will be sent to you with the SnapShot device so that you can install it in your vehicle quickly and easily.

Drivers who are on the SnapShot program and who practice safe and low-risk driving habits can save a lot of money on their car insurance premiums, sometimes upwards of 25%.

Technologies like Progressive's SnapShot device are likely to become more popular with auto insurers who want a better way to assess risk and reward motorists that drive safely.

Take a moment to enter your zip code in the box at the top of this page to see if you can beat Progressive's MyRate premiums.