Thornhill, Ontario – As the pandemic has seen fewer cars on the road and, in turn, fewer collision claims for insurers to settle, pay-as-you-go pricing models have taken a new position in the forefront of auto insurance as CAA reports that it’s MyPace policy has skyrocketed in popularity.
CAA announced on Thursday that according to their data, “the number of new CAA MyPace policies between April and December 2020 increased by almost 300 percent compared to the same period in 2019.”
CAA Insurance president, Matthew Turack says that these findings continue to illuminate a shift in consumer habits away from traditional insurance pricing models.
“While the growth is remarkable, it reinforces what consumers are telling us, that a one-size-fits-all solution to auto insurance isn’t working for them, especially during these challenging times where many vehicles are not being used as much.”
Turack continued, “CAA MyPace is a one-of-a-kind payment program that lets customers take control of their car insurance costs by giving them the freedom to pay for the distance they drive.”
First launched in 2018, the MyPace program is claimed by CAA to save drivers 50 percent of what they would spend on a traditional policy.