17-2. Usage-Based Insurance With a GPS system attached to each insured vehicle, insurance companies are able to

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17-2. Usage-Based Insurance With a GPS system attached to each insured vehicle, insurance companies are able to charge

‘‘usage-based insurance rates,’’ depending onhowmuch, when, and where the insured vehicle is driven. Autograph, a firm that was awarded a U.S. patent in 2001, was shown to save policy holders in Houston an average of 25% of what they were previously paying. Why are usagebased insurance rates lower than flat-rate insurance fees? Give two separate reasons.

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