Canadian Underwriter

CAA introduces pay-per-mile insurance for Ontario drivers

May 23, 2018   by Staff

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Photo copyright: Insurance Company unveiled its new pay-per-mile auto insurance program in Toronto on Wednesday.

CAA MyPace will allow drivers in Ontario to monitor how much they drive, and pay for insurance based on their mileage.

“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 Insurance president Matthew Turack said in a news release. “CAA MyPace brings Ontario motorists one step closer to that reality.”

The program, aimed at motorists who drive fewer than 9,000 km per year, uses a telematics device installed in the car to track mileage. Drivers start out with a base rate and are charged for every additional 1,000 km, so they only pay for what they use.

“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 will be available in Ontario later this summer.

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This story was originally published by Canadian Insurance Top Broker.