Pay-As-You-Drive Insurance Gets a Push From ProgressiveMeghan Walsh
Usage-based auto insurance plans have been around for a decade. But because drivers are wary of letting insurance companies track their driving patterns, adoption has been slow. Now insurance company executives say they’re amassing enough data to refine the formula for calculating risk—aka rates. The result is that plans are becoming more widely available, say industry experts. “This is coming,” says Robin Harbage, director of the consulting firm Towers Watson. “And it’s coming rapidly.”
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