In a remarkable move to catch up with competition, Progressive insurance has announced earlier this week that it has expanded its Usage Based Insurance program, Snapshot, in the
Snapshot is a Usage Based Insurance (UBI) method. "Experts think that Usage Based Insurance will lead to lower car insurance rates in the future. The method involves plugging an electronic device into a consumer’s car. The devices transmit data via cell phone chip to the insurance company facilities concerning driving habits of the operators," said Ed Snenneh of
The data gathered by the device is then used to determine the auto insurance premium of the participating insured people.
Test Drive is a promotion that Progressive plans on using before the end of the year to attract potential customers to try the Snapshot for one month. People do not have to be insured with Progressive to try the new technology. Testers of the Snapshot will get the device for one month and then get quotes with discount ranging from 0% to 30% after one month of plugging the device in their vehicles.
Snapshot was introduced in 1994, under a different name, and in 2011 the term Snapshot was revealed. Experts believe that there is currently 1% of motorists in the US who use UBI, but the number will go to 20% to 30% in the next seven years. Progressive's snapshot is currently available in 43 states including
About Insurance Navy
Phone: (708) 233-4848
|Copyright:||(c) 2012 PRWEB.COM Newswire|