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The system is simple. The company gives a driver a small device that plugs into the data port built into all cars made since 1996.

That device tracks all the parameters of travel, including speed, time, mileage and distance, as well as how frequently the brakes are used and how quickly the car stops.

The device then wirelessly transmits the data back to the company, which adjusts your auto insurance based on how you drive.

While the company said some drivers could see auto insurance rates increase by 9%, Progressive said most drivers would expect to see 10 - 15% savings. There is no penalty for not participating in the program

State Farm, Florida's second-biggest property insurance company, said that it will need to raise homeowner insurance rates for Florida residents by almost 70% in some parts of Palm Beach County, and an overall average increase of 47% across the entire state of Florida. State Farm did not mention plans to raise their home insurance.