Insurance Gadget

A new type of gadget has been launched by a car insurance company which gives you (yes you) the ability to save up to 60% off your premium. The monitoring device has sensors built in which measure how your driving is. The sensors record how hard you brake and how bad you are at accelerating. If you hit the limits the wrong way then you could end up paying more for your insurance. However, if it sees you as a good responsible driver then there is a potential saving of 60%.

The insurance gadget is being introduced by Progressive Corp and it seems like it aims to make premiums more fair by seeing how good you are as a driver rather then letting the older folk have the cheap insurance while the younger generation are paying through their nose. Although the new system does track your driving habits, it does not track where you go. It merely just gives you a rating which the insurers can calculate in to a % saving or % increase. The program began in Alabama in June with plans to launch the system across a few states next year.

Would you use one of these? I think my insurance is fairly cheap as it is here in the UK, but as it only increases by 9% “if” I drive bad, for me that’s not too much of a jump compared to those that have 9% added to their 1000+/year premium.

Via: OhGizmo and DetroitNews