Basing Auto Insurance Rates on Exact Odometer Readings: Another Pricing Innovation from Progressive Direct.PHOENIX, Ariz. -- The Progressive Group of Insurance Companies: --The Progressive Direct Group of Insurance Companies Continues to Advance the Science of Auto Insurance Pricing; Expands Driving Discount Pilot to Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Giving Drivers the Ability to Save up to 15 Percent Off Their Premiums Many auto insurance companies ask customers to estimate their annual mileage MILEAGE. A compensation allowed by law to officers, for their trouble and expenses in travelling on public business. 2. The mileage allowed to members of congress, is eight dollars for every twenty miles of estimated distance, by the most usual roads, from his when applying for a new policy; these up-front up-front or up·front Informal adj. 1. Straightforward; frank. 2. Paid or due in advance: up-front cash. adv. estimates generally have a minimal influence on the overall premium. And, these companies don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. ask for updated mileage readings over time. But what if your insurance company asked you to report exact mileage readings over time and, by doing so, you could control how much you pay for car insurance by controlling the number of miles you drive? In February February: see month. 2006, The Progressive Direct Group of Insurance Companies announced a pilot program in Iowa and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). that gave drivers the ability to do just this; today, the program expands to Arizona. The program is available to private passenger auto customers. Progressive Direct has data that support that there is a correlation between the number of miles customers drive and the likelihood of being involved in a crash - if you drive less, your chances of being involved in an accident are lower. By collecting exact odometer odometer (ōdŏm`ĭtər), instrument provided in an automotive vehicle to indicate the total number of miles that have been traveled. readings, this information, when combined with other information used to price car insurance policies, could help advance the science of insurance pricing making rates even more accurate and tailored to individual drivers. "We're we're Contraction of we are. we're we are always looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. ways to more accurately price auto insurance and this program is just another way to do this. Virginia and Iowa drivers were able to save an average of 7 percent on their total premium so we're excited to expand the program and offer Arizona drivers a way to save, too," said Shannon Shannon, principal river of the Republic of Ireland and longest (c.240 mi/390 km) in the British Isles. It rises near Cuilcagh Mt., NW Co. Cavan, and flows S through the Central Plain into Co. Limerick, where it turns west in a broad estuary (c. Kelly Kel·ly , Ellsworth Born 1923. American abstract painter and sculptor whose works are characterized by flat color areas with sharply defined edges. Kelly, Emmett 1898-1979. , Arizona product manager, Progressive Direct. "This pilot is a win-win win-win adj. Of or being a situation in which the outcome benefits each of two often opposing groups: a win-win proposition for the buyer and the seller. - Arizona drivers can reduce their insurance costs simply by participating and, if they drive less over time, can save even more. And, we get to collect mileage data, which will help us better understand the correlation between how much a person drives and how likely they are to get into an accident. How the Pilot Program Works Progressive Direct customers who volunteer to participate will be asked to periodically submit odometer readings on the insured vehicle(s) they sign up for the program. It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have easy - customers simply log in to a password-protected Web site and enter the current odometer reading for each enrolled vehicle. Customers will report odometer readings when buying a policy and again at each renewal of the policy, or once every six months. Customers have the option of signing up all or just some of the vehicles on their policy. What Discounts are Available All customers will receive a five percent "participation" discount on each vehicle's total premium simply for signing up; this discount will be applied to every renewal policy as long as they continue to report their odometer readings. They may also receive an additional mileage discount of up to 10 percent, depending upon the number of miles driven, which will be applied to the next policy term's premium. In all, customers could receive as much as 15 percent off each vehicle's total premium for a six-month policy. With the average Arizona driver paying about $1,000 annually for auto insurance, that's a potential savings of about $150 a year. How to Sign Up As with all of Progressive Direct's product research and development efforts, drivers have the choice of participating in the odometer pilot program. New Progressive Direct private passenger auto customers in Arizona may sign up for the program within 30 days of buying a new policy; existing customers may sign up at or within 30 days of renewal. After signing up, they'll they'll Contraction of they will. they'll will immediately receive the five percent participation discount which will be applied to the current policy term; this participation discount will continue on every renewal as long as they submit mileage readings for each enrolled vehicle for each policy term. Then, depending upon the miles they drive during that current term, they will be eligible for the additional mileage discount which will be applied to the next renewal term's premium. Customers can share mileage data for as many consecutive policy terms as they'd they'd 1. Contraction of they had. 2. Contraction of they would. they'd have ~would like during the length of the pilot. Additionally, customers won't won't Contraction of will not. won't will not won't will pay more for insurance than they currently do as a result of reporting odometer readings. This pilot is the latest effort by Progressive Direct to gather data with the goal of better understanding the correlation between driving behaviors and the risk of being involved in accidents. Progressive Direct is currently testing a usage-based auto insurance discount pilot program in Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces called TripSense(R), in which drivers voluntarily share driving data in exchange for receiving discounts on their renewal policy. The data is collected by a small device called a TripSensor(R) that records information about how often, how fast and when a vehicle is driven, along with information about acceleration and braking. In addition, a countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. driving habits research study is under way that uses the same technology to gather the same kind of driving data; customers are reimbursed $50 for voluntarily sharing six months of data from each car in the program. The Progressive Group of Insurance Companies, in business since 1937, ranks third in the nation and fifth in Arizona for auto insurance and number one in the nation for motorcycle motorcycle, motor vehicle whose design is based on the bicycle. The German inventor Gottlieb Daimler is generally credited with building the first practical motorcycle in 1885. The motorcycle did not become dependable and popular, however, until after 1900. insurance based on premiums written and provides drivers with competitive rates and 24/7 in-person and online service. The products and services of the Progressive Direct Group of Insurance Companies are marketed directly to consumers under the Progressive Direct(R) brand by phone at 1-800-PROGRESSIVE and online at www.progressivedirect.com and www.progressiveseguros.com, a site for Spanish-speaking consumers. Progressive Direct offers consumers conveniences that help make car insurance easier, including comparison rates of other top companies and the ability to shop for, buy and manage their policies by phone or online, 24/7. More information can be found at www.progressive.com. Shannon Kelly, Arizona product manager, Progressive Direct, is available for interview.
Available Discounts:
Progressive Direct Odometer Discount Pilot
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Participation discount 5%
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If you drive You will save an additional
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Less than 3,000 miles per year 10%
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Less than 4,000 but more than 2,999 9%
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Less than 5,000 but more than 3,999 8%
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Less than 6,000 but more than 4,999 7%
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Less than 7,000 but more than 5,999 6%
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Less than 8,000 but more than 6,999 5%
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Less than 9,000 but more than 7,999 4%
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Less than 10,000 but more than 8,999 3%
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Less than 11,000 but more than 9,999 2%
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Less than 12,000 but more than 10,999 1%
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