What is pay-as-you-drive insurance

This insurance product is designed to reward the safest drivers with lower cost insurance plans.

Since 2014 when it first started to gain popularity with insurers in the US it has become more commonplace. If you consider yourself a safe driver it could save you some money!

How does pay-as-you-drive insurance work?

Your insurer uses technology to understand your driving habits, either through a device already in your vehicle or through you installing a device.

These devices are called telematic devices and are onboard computers that measure performance. Many newer vehicles will already have a telematic devices built-in such as OnStar.

insurance pay-as-you-drive

The information that your device can provide to an insurer is your speed, how fast and frequently you brake, the time of day you are driving, and how far you drive. If the insurer likes what they see, the cost of your vehicle insurance can reduce by as much as 50%.

Insurers can even give you a discount of up to 10% just for having OnStar (or similar) or if you agree to install their telematic device.

Who is most likely to benefit from this insurance?

The kind of drivers that obey speed limits and drive infrequently are most likely to benefit.

There are certainly discounts available if you drive your vehicle for less than 15,000 miles annually, and with the US average of 11,000 miles that should benefit a lot of people!


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