And, new 20 percent anti-theft device discount on Comprehensive coverage in Florida joins similar existing discounts in New Jersey, New York and Rhode Island
MAYFIELD VILLAGE, Ohio — March 6, 2007 — As a leading writer of commercial auto insurance, The Progressive Group of Insurance Companies continues to see the theft rate for vehicles it insures increase year after year. Increased theft drives up the cost of commercial auto insurance as higher premiums are needed to cover the cost of Comprehensive coverage, that part of a policy that pays for theft.
To help its customers combat commercial vehicle theft, Progressive, which sells commercial auto insurance to small businesses through independent insurance agents and brokers and also directly over the phone, has entered into an agreement with the LoJack Corporation, the global leader in stolen vehicle recovery, to offer the LoJack Stolen Vehicle Recovery System to owners of commercial vehicles and construction equipment at a substantial savings.
And in Florida, Progressive customers who have or will be installing a LoJack System or another tracking and recovery device can call their independent agent or Progressive to receive a new 20 percent discount on Comprehensive coverage. Similar discounts are already available to Progressive customers who have vehicle recovery devices installed in their commercial vehicles in New Jersey, New York and Rhode Island.
The only system of its kind operated by police, each LoJack Stolen Vehicle Recovery System includes a small wireless radio-frequency transceiver that is hidden inside a vehicle. Once the vehicle is reported stolen to the police, computers match the Vehicle Identification Number to the LoJack system. After the match, the LoJack system is automatically activated, emitting silent radio signals from the transceiver. Law enforcement vehicles and air units equipped with LoJack technology follow these signals to track and recover the stolen vehicle.
“The goal of this program is to help our customers protect their high-value vehicles and construction equipment and ultimately their livelihoods,” said Dale Willis, product manager, Progressive. “If the combination of discounted Comprehensive insurance coverage and vehicle recovery devices proves effective in reducing construction vehicle theft, Progressive will consider adding a discount on Comprehensive coverage in other high theft areas across the country.”
“Trafficking valuable construction vehicles has become a lucrative and growing business for thieves around the country,” said Kevin Mullins, senior vice president and general manager, LoJack Corporation. “Stolen dump trucks, pick-up trucks, trailers and other construction vehicles have a high resale price. A proven vehicle recovery system like LoJack provides business owners powerful asset protection to ensure projects remain on track and on budget.”
The discounted LoJack Stolen Vehicle Recovery System is available to Progressive customers for their commercial vehicles and equipment in the 26 states where LoJack operates. Installation of the System is included and there are no monthly fees. Progressive customers can call a LoJack representative at 1-877-775-6522 and mention Progressive to take advantage of this offer.
The Progressive Group of Insurance Companies, now celebrating its 70th year in business, is the country’s third largest auto insurance group and largest seller of motorcycle and personal watercraft policies based on premiums written, and is a market leader in commercial auto insurance.
Progressive is committed to becoming consumers’ #1 choice for auto insurance by providing competitive products and rates that meet drivers’ needs throughout their lifetimes, superior online and in-person customer service, and best-in-class, 24-hour claims service, including its concierge level of claims service available at service centers throughout the United States.
About LoJack Corporation
LoJack Corporation, the company that invented the stolen vehicle recovery market, leverages its superior technology, direct connection with law enforcement and proven processes to be the undisputed global leader in tracking and recovering valuable mobile assets. The company’s Stolen Vehicle Recovery System delivers a better than 90 percent success rate in tracking and recovering stolen cars and trucks and has helped recover more than $3 billion in global assets. The system is uniquely integrated into law enforcement agencies in the U.S. that use LoJack’s in-vehicle tracking equipment to recover stolen assets, including cars, trucks, commercial vehicles, construction equipment and motorcycles. Today LoJack operates in 26 states and the District of Columbia, and in 28 countries throughout Europe, Africa, Latin America and Asia.Tags: LoJack, Progressive Insurance, vehicle theft