Pay as You Drive Insurance: Definition
Pay as you drive insurance calculates premiums according to an individual’s driving profile, rewarding secure driving while tracking and increasing premiums on dangerous driving styles. Drivers who constantly speed, brake suddenly or drive in bad weather conditions (e.g. snow, rain) find themselves paying higher premiums than those who follow the rules of the road. A “black box” device installed in the car tracks key parameters of the journey and transfers the data to the insurance company, who then regulates the premium rate.
Pay as You Drive Insurance: Definition
Some insurance companies in Canada already offering simplified versions of pay as you drive solutions:
- Industrial Alliance
- Desjardins Insurance
- The Co-operators
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