CAA Insurance unveils pay-as-you-go auto insurance program
This new program allows drivers to control how much they spend when it comes to auto insurance.
Toronto, ON, May 23, 2018 - Ontario motorists will have a new option to help manage auto insurance premiums, thanks to a new, first-in-Canada payment program announced today by CAA Insurance Company.
The new program, called CAA MyPace™ gives motorists the choice and control they are looking for when it comes to auto insurance. It empowers motorists to monitor how much they drive, and pay for auto insurance based on that mileage.
“We believe that insurance options should be designed based on individual lifestyles and the various stages of people’s lives,” said Matthew Turack, president, 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.”
The new program is powered by a telematics device that is plugged into the vehicle and connects to a mobile app or web portal. The app allows motorists to track how much they are driving and to pay for auto insurance based on that mileage. CAA MyPace will be of most benefit to low-mileage drivers.
CAA MyPace is ideal for the Monday to Friday public transit commuter who leaves their car at home, someone retired who likes to visit family on weekends, or motorists that drive under 9,000 kilometres due to their overall lifestyle.
“Over the last number of years, auto insurance has been front of mind for a lot of Ontarians,” said Elliott Silverstein, manager, government relations, 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 is simple and easy to use. Drivers enroll as they would with any other CAA Insurance policy, install the MyPace device in their car and drive. Motorists start with a base rate and are charged every 1,000 kilometres.
Kilometres are reloaded automatically in 1,000 kilometre increments, so you are only paying for what you use. Customers receive a notification to let them know when they are close to the end of a 1,000 kilometre increment, making it easy to monitor usage. The program will be available in Ontario later this summer.