CAA is changing the face of auto insurance.
CAA MyPace insurance will allow drivers to monitor how much they drive and pay for insurance based on that mileage. The plan would cater most to low-mileage drivers – retired people, those who use their vehicle on weekends to visit family and others who drive less than nine-thousand kilometres a year.
“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.”
A MyPace device would be installed in their vehicle. Drivers would be charged a base rate and a fee for every one-thousand kilometres driven. 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.
MyPace is expected to be rolled out in July.