Innovation by Progressive has made them an industry leader in the very competitive car insurance
marketplace. They repeatedly advance the industry by utilizing and combining new technology with
sensible underwriting, and intelligent discounts. Their approach helps keep rates low for consumers.
Other companies often follow Progressives lead to stay competitive with lower rates of their own.
Years ago, before high speed computers could “crunch large numbers”, companies had very limited
categories for their rate structure. Rates were categorized in a fairly simplistic manner. Rating
considerations were quite limited to items such as, being married or single, over or under age 25, east
or west of the highway, four door sedan or two door sports cars. Progressive led the way for a large
variety of different rating tiers through what is known in the industry as market segmentation. Drivers
are now separated into many different groups by a multitude of risk factors, which enables car
insurance quotes to be highly fine tuned. Geographic territories have expanded to include every zip
code and not just east or west of one specific location. Every conceivable living arrangement is
categorized such as single female with children or male separated without children. No longer are
youthful operators categorized by being less than one specific age (like 25) as each attained age is
now a consideration. The 17 digit Vehicle Identification Number (VIN) is now utilized to determine every
feature of the vehicle for rating consideration.
The latest innovation Progressive utilizes is called Snapshot. This is a small device that plugs into the
cigarette lighter of your vehicle. It keeps track of certain driving criteria, such as, how many miles
driven, how fast the vehicle is moving and accelerating, etc. These driving habits are reviewed after 6
months and becomes a determining factor for a potentially significant discount. Progressive is currently
the only car insurance company to utilize this type of technology to fine tune their rates.
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