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N.J. Company Unveils Pay-As-You-Drive Concept

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Jul 29, 2008 11:05 am US/Eastern

N.J. Company Unveils Pay-As-You-Drive Concept

TRENTON (AP) ― One auto insurance company is offering Garden State motorists discounts of up to 60 percent if they install a high-tech monitoring device.

The wireless devices will tell Progressive how many miles are driven, how fast people accelerate and hit the brakes.

Under the pay-as-you-drive concept, good drivers will get discounts and lead foots could face surcharges as high as 9 percent.

New Jersey will be the fifth state to offer the option.

Progressive says in other states, about one-third of the company's customers have enrolled. They're saving about 10 to 15 percent.

The program will begin Aug. 8.

New Jersey motorists have the highest auto insurance rates in the nation, an average of $1,184 per vehicle.

Information from: http://www.nj.com/starledger



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