The Progressive Group of Insurance Companies (PGR)

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MyRate(SM) Honored by Fast Company ReadersDrivers now have a unique opportunity to save on car insurance thanks to an innovative

Date : 08/04/2008 @ 7:00AM
Source : Business Wire
Stock : The Progressive Corporation (PGR)
Quote : 20.09 0.0 (0.00%) @ 8:45AM

Can a car insurance company really make the world a better place? Readers of Fast Company magazine think so. That’s why they named Progressive’s usage-based insurance program, MyRate, as a 2008 Fast 50 Reader Favorite.

Readers voted on innovations that are addressing the planet’s problems, and MyRate was named to the list for giving drivers a financial incentive to drive less and in safer ways.

“Usage-based insurance promotes less and safer driving,” says Richard Hutchinson, Progressive’s MyRate general manager. “During the pilot phase of the program we tracked more than 200 million miles driven and learned that drivers enrolled in the program were less likely to be involved in car crashes.” MyRate combines driving data, wireless technology and Progressive’s knowledge of predictive behavior to charge drivers a rate based on how they drive. When customers choose to participate, they receive a MyRate device that plugs into their car’s onboard diagnostic system. It records how, how much and when the vehicle is driven and teaches drivers about their driving habits.

“We’re always looking for ways to give consumers more choices in car insurance and MyRate does just that,” says Hutchinson.

MyRate is currently available in a handful of states and a national rollout of the program will continue, pending regulatory approval, throughout 2008 and 2009.

For more information about MyRate, visit http://www.progressive.com/myrate.

About Progressive The Progressive Group of Insurance Companies, in business since 1937, is one of the country’s largest auto insurance groups, the largest seller of motorcycle and personal watercraft policies, and a market leader in commercial auto insurance based on premiums written.

Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive rates and innovative products and services that meet drivers’ needs throughout their lifetimes, including superior online and in-person customer service, and best-in-class, 24-hour claims service, such as its concierge level of claims service available at service centers located in major metropolitan areas throughout the United States.

Progressive companies offer consumers choices in how to shop for, buy and manage their auto insurance policies. Progressive offers its products, including personal and commercial auto, motorcycle, boat and recreational vehicle insurance, through more than 30,000 independent insurance agencies throughout the U.S. and online and by phone directly from the Company. Private passenger auto products and prices are different when purchased directly from Progressive or through independent agencies. To find an agent or to get a quote, go to http://www.progressive.com.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, are publicly traded at (NYSE:PGR).