MEDIA RELEASE: Sharp Growth: CAA MyPace™ pay-as-you-go auto insurance policies up by almost 300 per cent over the last yearFebruary 18, 20212 min read
As the pandemic enters its second year, household expenses remain top of mind for consumers, as does the cost of auto insurance. It’s one of the reasons why CAA Insurance has seen a dramatic increase over the past ten months in the number of drivers who have signed up for Canada’s only pay-as-you-go auto insurance payment program, CAA MyPace™.
New CAA Insurance data reveals, that the number of new CAA MyPace policies between April and December 2020 increased by almost 300 per cent compared to the same period in 2019.
“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,” says Matthew Turack, president of CAA Insurance. “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.”
On average, people who switch to CAA MyPace are saving 50 per cent on their auto insurance costs, compared to a traditional policy. The pay-as-you-go program was launched in 2018, and benefits motorists who drive less than 9,000 kilometres per year.
In 2020, CAA Insurance provided over $60 million in relief to support policyholders in managing their expenses during the pandemic. The Financial Services Regulatory Authority of Ontario (FSRA) identified CAA Insurance as the leading insurer, providing the highest percentage of rate relief to its policyholders.
Nearly one year ago, CAA Insurance led the insurance industry by providing a 10 per cent rate reduction for a 12-month term to all active CAA Auto and Property Insurance policyholders. CAA Insurance will continue to apply this rate reduction in 2021 for its active policyholders. No action is necessary by policyholders to receive this reduction.
Elliott Silverstein Director, Government Relations, Insurance
Elliott manages and executes key elements of CAA’s provincial advocacy role, and overseeing municipal advocacy efforts.