CAA Insurance Company will launch later this summer CAA MyPace, a pay-as-you-go auto insurance program for Ontario drivers.
CAA MyPace gives Ontario drivers a means to monitor how much they drive and to 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,” says 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.”
Drivers are given a telematics device that is plugged into the vehicle and connects to a mobile app or web portal. The app tracks how much people are driving and to pay for auto insurance based on that mileage. Drivers sign-up as they would with any other CAA Insurance policy and start with a base rate and are charged every 1,000 kilometres. Kilometres are reloaded automatically in 1,000 kilometre increments.
“Over the last number of years, auto insurance has been front of mind for a lot of Ontarians,” says 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.”