2010 Frugal Living Guide
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7 best ways to save money on car insurance

Consider a tracking device
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Consider a tracking device

If you know you're a careful driver, you might save money with a new car insurance policy from Progressive Casualty Insurance Co. called MyRate. A small wireless device is attached to your car, letting the company monitor your driving habits, including distance, most frequent travel times and driving habits, such as sudden stops or speeding.

After the first year, you could save as much as 60 percent, according to Progressive. But you will be sacrificing some privacy for the savings. And in some states, such as New Jersey, if the company doesn't like your driving habits, it could raise your rate by up to 9 percent.

Concerns about the device's intrusive nature have slowed the rollout of MyRate in several states. In Pennsylvania, Progressive ultimately withdrew its filing to introduce the coverage, says Melissa Fox, deputy press secretary for the Pennsylvania Insurance Department.


 

 

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