There will more consequences that you state here. Drive during peak hour traffic, you get a higher premium than the ones that leave early or dont drive in peak hour. Drive early morning, late night, higher premiums for you. "The device tracks your mileage, time of day drive, and number of hard brakes" - progressive snapshot.
Soon, the device will have gps which will give you a "higher discount". Drive through or around risker parts of the town, higher premiums for you.
The net effect is insurance companies dont even out risks, but just cherry pick the juicy customers, that are pretty much risk free. The rest either pay a very high insurance or go uninsured. Picking out juicy customers is not what insurance is supposed to be.