A new type of car insurance that sets rates using a device installed in a vehicle to measure individual driving habits is being rolled out in Texas.
MyRateSM, offered by Progressive, has already been introduced in other parts of the country as part of a national rollout, depending on state regulatory approval.
Cars driven less often, in less risky ways and at less risky times of day could receive a lower premium using the device.
As an enticement, the company is offering Texas customers a first-term discount of as much as 10 percent when they sign up for MyRate and install the unit. When they renew their policy, they could save as much as 25 percent or more — or see their rates hiked by up to 9 percent — based on driving habits.
The company charges $30 per policy period for the use of the device.
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