Pay-as-you-go Auto Insurance

Matthew Turack explains how CAA Insurance’s new product for low-mileage drivers works. (Runtime: 2 min, 11 sec)

Size: 3.2 MB, Time: 2 min, 11 sec Text transcript  Download

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Matthew Turack, president of insurance for CAA Insurance Company, discusses CAA MyPace, a new pay-as-you-go product for low-mileage drivers.

Related Article: CAA introduces pay-per-mile insurance for Ontario drivers

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Text Transcript

My name is Matthew Turack, and I’m the president of insurance for CAA Insurance Company.

CAA MyPace is the first pay-as-you-go auto insurance program in Canada of its kind. The program offers low-mileage drivers in Ontario more choice and more control based on their lifestyle.

CAA Insurance decided to go into this market and create this program because CAA members told us that they were looking for more choice and control when it comes to auto insurance, so we created CAA MyPace to fill that need.

The shift is more of a lifestyle focus for products and programs to give CAA Insurance the ability to be responsive to the needs of our customers and to ensure that we are there for them in every stage of their life.

CAA MyPace works in a very easy and simple-to-use fashion. Drivers enrol and pre-pay for their first 1,000-km increment. As they use their insurance policy, it continues to reload automatically in 1,000-km increments.

CAA MyPace requires a small telematics device to be installed in their car that helps them track and monitor those kilometres as they drive. It also provides vehicle health and safety moments as the insureds continue to use the CAA MyPace application.

CAA MyPace will be available for consumers in Ontario this summer. More details will be shared in the coming months, but we are absolutely excited to launch this to Ontario drivers in July.

Our plan is actually to continue to evolve this program, including launching this and working with the regulators in the other provinces where we underwrite auto insurance—which include Nova Scotia, New Brunswick and Prince Edward Island—in the following months, provided that the regulators allow us to introduce this program to drivers in those provinces.

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