To say that COVID-19 has changed the way we live our lives would be an understatement. Since the virus first emerged, COVID-19 has presented tough choices for governments, hospitals, schools, local communities, and families.
As many Ontarians are still facing financial hardship, it’s important to know that there are steps you can take in order to save money— this can include things like finding affordable car insurance. As a considerable expense, many people may be interested to know that there are cheaper insurance plans for infrequent drivers.
Here at Petley-Hare, we’re excited to offer CAA MyPace™ insurance for low-mileage drivers in Ontario. Keep reading to learn more about pay-as-you-drive insurance and why it could be the right fit for you.
What is MyPace?
It’s simple: if you’re spending less time behind the wheel, the CAA MyPace™ payment program can help you take control of your car insurance costs by giving you the freedom to pay only for the distance you need.
Since the COVID-19 pandemic has caused the workplace dynamic to change and forced a lot of people to stay at home, CAA Insurance has seen a dramatic increase over the past ten months in the number of drivers who have signed up for MyPace™. Compared to a traditional policy, this payment program benefits motorists who drive less than 9,000 kilometres per year.
How does it work?
MyPace™ uses a telemetric device plugged into the vehicle that connects to a mobile app or web portal used to track data on the amount of kilometres driven. Eligible drivers who enrol in MyPace™ will have kilometres loaded automatically in 1,000-kilometre increments and receive a notification letting them know when they are about to reach the end of an increment. If the annual cap is exceeded, the customer’s underlying insurance premium rate applies to the additional kilometres.
Who can benefit from MyPace?
There are a variety of scenarios when mileage-based insurance may benefit certain individuals:
● Those who work from home or take public transit to work.
● Seniors or retired persons who do not need to commute to a workplace.
● Urban drivers who only use their vehicles for weekends and occasional trips.
● Infrequent drivers with low and predictable kilometres.
What are the savings?
● If you drive 1,000 kilometres, you could save up to 70%.
● If you drive 3,000 kilometres, you could save up to 50%.
● If you drive 5,000 kilometres, you could save up to 30%.
● If you drive 7,000 kilometres, you could save up to 15%.
● At 9,000 kilometres, there is no longer a savings benefit with CAA MyPace™ and a traditional Auto Insurance policy may suit you better.
Get started today
Whether you’re working from home or driving less because of the pandemic, CAA MyPace™ is a great way for low-mileage drivers to save money on their insurance. Rather than paying for a one-size-fits-all solution to auto insurance— especially during these challenging times where vehicles are not being used as much— MyPace™ offers an affordable insurance plan that provides you with the coverage you need.
As one of only a few brokerages in Ontario offering CAA MyPace™, we’re happy to answer any questions you may have about pay-as-you-drive auto insurance. Located in Durham Region, Oshawa, our professional team at Petley-Hare is proud to help Ontario drivers with their unique insurance needs.