Progressive’s MyRate program aims to save you money on your auto insurance by tracking your driving behavior and offering discounts based on your results. For many, it sounds like an enticing offer. Here’s a quick list of the advantages and disadvantages of the program.
Advantages of MyRate
Here are some details:
- Enrollment is easy
- Discounts can vary from 5%-40% savings based on the state you live in
- Safe drivers will be rewarded
- Those who do not drive often will be rewarded
- The tracking device, cable and software to enable the MyRate program are all free
- During the program you can log into Progressive’s website and check out your stats
The program does have some drawbacks, however.
Disadvantages of MyRate
There are some cons to the program that may make you reconsider your potential participation such as:
- Big brother is watching as you will ultimately share all your private driving habits with Progressive
- Some states do not prevent Progressive from charging you more if after you upload the data, your driving habits are considered high-risk
- You do not know your savings amount prior to starting the program as the amount can only be determined after analyzing your data
If you are unsure about whether this program is right for you or not, you can always test it out. As of July 2009, Progressive introduced the “Take My Rate For a Spin” program where for a nominal fee, you can get a device and monitor your activity to determine if the program is right for you.
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