More flexible car insurance
FOR years, drivers paid less for car insurance if they reported low mileage. Now, insurers are using hi-tech devices to track customers’ habits and offering deep discounts to those who drive not only less, but also cautiously.
In the US, Progressive Corp and GMAC Insurance, a unit of GMAC Financial Services, are the first and largest companies to offer this type of plan.
At least two smaller companies, including Unigard Insurance Co of Washington state in the US, a unit of QBE Insurance Group of Australia, also are poised to start similar schemes. Companies in Canada and Italy also have programs, and Hartford Financial Services Group Inc is testing the same technology in Connecticut.