It’s no secret that auto insurance rates are high across the province – especially here in Brampton.
Now, the Canadian Automobile Association (CAA) has launched a brand new initiative to help some drivers save on premiums, and you might want to check it out.
It’s essentially a pay-as-you-go program that’s ideal for motorists that drive under 9,000 kilometres per year.
The new program, called CAA MyPace, gives motorists the opportunity to monitor how much they drive, and pay for auto insurance based on that mileage.
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Basically, you plug the telematics device into your car, which you can then connect to a mobile app or web portal.
According to the CAA, CAA MyPace will mostly benefit low-mileage drivers.
“We believe that insurance options should be designed based on individual lifestyles and the various stages of people’s lives,” said Matthew Turack, President of CAA Insurance. “People should be able to access the insurance they need, when they need it at a price and payment schedule that works for them. CAA MyPace brings Ontario motorists one step closer to that reality.”
How do you access pay-as-you-go car insurance?
Drivers sign up the same way as any other CAA insurance policy, then install the MyPace device in their car. They start with a base rate and are charged every 1,000 kilometres.
Users are sent a notification to their phone via the app when they near the end of a 1,000 kilometre increment.
“Over the last number of years, auto insurance has been front of mind for a lot of Ontarians,” said Elliott Silverstein, Manager of Government Relations for CAA South Central Ontario. “Today’s announcement provides an additional layer of choice for those who are low-mileage drivers and marks an important step in the modernization of insurance in Ontario.”
CAA MyPace kicks off in July 2018.
You can learn more here.