Insurance Company Uses Optional Black Box to Set Rates

Progressive Group of Insurance Companies developed MyRate, an optional car insurance program that uses a black box to record drivers’ behavior and charge a customized rate based on the data. Participating drivers plug a small wireless device in their cars. The gadget records how, how much and when the car is driven, and people who drive carefully or during less-risky times can receive lower rates. The program will roll out across the country throughout this year and 2009.

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