MEDIA RELEASE: CAA MyPace, Canada’s only pay-as-you-go auto insurance payment program now available to more OntariansNovember 2, 20212 min read
CAA Insurance Company is proud to announce the expansion of Canada’s first and only pay-as-you-go auto insurance payment program, CAA MyPace™, in Ontario.
The program allows motorists to monitor how much they are driving and to pay for auto insurance based on that mileage. After three years where thousands of Ontario drivers have benefitted from CAA MyPace, CAA Insurance is now providing greater savings by expanding access to those who drive less than 12-thousand kilometres annually. Previously it was designed for those who drive less than 9-thousand kilometres.
“Since the launch of the program back in 2018, CAA MyPace has been generating a great deal of interest in the market, and consumers are asking for it by name,” said Matthew Turack, president, CAA Insurance Company. “As many Ontarians continue to drive less than they did two years ago, we are excited to make this program available to even more Ontario drivers.”
The uniqueness of CAA MyPace in the Ontario auto insurance market has resulted in considerable interest by drivers. The number of new CAA MyPace policies during the pandemic period of January - September 2021, increased by 418 per cent compared to the same pre-pandemic period of January - September 2019.
The growth directly results from customers who made the switch to CAA MyPace and are seeing significant savings. On average, CAA’s pay-as-you-go policyholders save 50 per cent on their auto insurance costs compared to a traditional policy.
An August 2021 survey of over 2,100 Ontarians, conducted by CAA Insurance, indicated that 64 per cent of respondents would consider a pay-as-you-go product now or at their time of renewal.
“Expanding our lifestyle products and programs gives 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 life,” says Turack.
New customers can enrol in the expanded CAA MyPace program starting November 15, 2021. Existing CAA MyPace customers will be automatically transitioned into the expanded program, with no additional costs at renewal, effective January 15, 2022.
Elliott Silverstein Director, Government Relations, Insurance
Elliott manages and executes key elements of CAA’s provincial advocacy role, and overseeing municipal advocacy efforts.