Should I Install an App on My Phone That Monitors My Driving?

So my son passed the written exam (barely!) to qualify for his his Washington State driver's permit on exactly his 15 1/2 birthday. Step one to the first major hurdle entering adulthood.
Now what?!?!
We've already got him enrolled into a driver's education class and are just waiting out the Phase 1.5 edicts until we can physically get him up and running. In the mean time, I called my fast, friendly insurance agent in Selah to get a ballpark figure as to how much our auto insurance rates will go up once he becomes a licensed driver. My agent alerted my wife and I to a new mobile app that the insurance company recently rolled out that will reward us for safe, attentive driving -- up to 15% off of our current premiums. If we both can get that discount, I'd like to think that it would make a pretty big dent in the extra money we'll be kicking out to cover my high-risk teenage driver. My issue with that, you ask?

[INSERT TIN FOIL HAT HERE]

I've always been leery of allowing apps on my phone that want to know my physical location at all times and this is absolutely no different. How could this information be used against me in the future? What if someone gets hold of my phone and goes berserk? Is having "Big Brother" spying on me all of the time worth a few bucks? I'm not quite sure myself.

Have you ever used something like this? Got any advice for me? Let me know and send a message via our free mobile app!