Updated Nov 4, 2021
CAA MyPace is a usage-based auto insurance program that can save you as much as 40% on your auto insurance if you drive less than 4,000 km a month. The less you drive, the less you pay. Sounds like just the thing for the pandemic.
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With the coronavirus/COVID-19 pandemic leading most of us to drive our cars much less than usual, you may be looking for options to save money on your auto insurance. CAA MyPace is a unique usage-based program from CAA Insurance that can help you do just that. Our own Adam Mitchell had a virtual sit-down with CAA’s Kathy Corbacio to find out more about how the program works.
(Note: the program has changed since this interview was recorded in May of 2020. For obvious reasons, the video still contains the original content, however we’ve edited the transcript below to reflect the latest information.)
What is CAA MyPace, and how can it help Canadians who would like to save money during the pandemic?
Kathy: COVID-19 social distancing measures have in the short term changed the driving behaviors of Ontarians. During these challenging times, you may not be driving as much as you used to, and it makes sense to find an option that allows you to save money by only paying for the kilometres you drive. CAA MyPace is a payment plan that provides you that flexibility and allows you to manage your auto insurance premiums.
Can anyone qualify for the program?
Kathy: Low mileage drivers (<12,000km annually) that qualify for our traditional insurance policies can enroll. A valid email is required, and the vehicle must be compatible with our device.
If I have an older car, will it qualify?
Kathy: Some vehicles are not compatible with the device. This includes, but not limited to, electric vehicles, diesel vehicles with a model year 2005 and older, and all vehicles older than 1997.
Do I need to install something in my car, or on my phone?
Kathy: Yes, you will receive a device that can be easily plugged into your OBD-II port. All cars built since 1996 have this port. You’ll get simple installation instructions. Once you’ve installed the device and completed your first trip, you can log on to our CAA MyPace App to track your mileage and to begin viewing your kilometre usage.
A smartphone and downloading the app are not required. You can also create an account and log into an online portal.
How much can I potentially save with the program?
Kathy: Premiums are based on traditional factors including your driving record, years of driving and how far you drive. On average, CAA MyPace is lower in premium by up to 40%.
If I have more than one car, can I only put one on the CAA MyPace program?
Kathy: At this time, it is one vehicle per policy, but you can have multiple policies if you wish.
You can have one for each vehicle and view them all on the same CAA MyPace App or online portal.
Can I use MyPace during the pandemic and then switch to traditional auto insurance when I go back to work?
Kathy: CAA MyPace customers can decide to return to regular CAA Insurance coverage with no fees or penalties, once COVID-19 social distancing measures are over and higher mileage needs return.
What if I drive more than 12,000 km in a year?
Kathy: If you drive more than 12,000 km, CAA MyPace may not be for you. When you drive more than 12,000 km on CAA MyPace, you will be charged an administrative fee for each additional 1,000 km increment used. This fee will put you above the price of our traditional auto insurance policy, so you may wish to discuss options with your broker.
If I sign up, can I get additional discounts for safe driving?
Kathy: With every insurance policy, to ensure you are receiving the best rate available, your good driving habits play an important role in reducing premiums. This is taken into consideration along with your low mileage when on the CAA MyPace payment plan.
What else has CAA Insurance done to lower auto and home insurance premiums during these challenging times?
Kathy: CAA Insurance is looking at every possible way to help consumers save money on their insurance premiums during this difficult time. We are offering new and renewing customers a 10% rate reduction on home and / or auto insurance and that rate will be valid for the duration of the 12-month policy term. Customers in Ontario who had an auto insurance policy with CAA as of May 1 also get a $100 credit.
Thanks to Kathy Corbacio and CAA Insurance for sharing this most helpful information. If you want to learn more and see if CAA MyPace might be right for you, call us at 1-800-731-2228, and one of our experienced brokers will go over the details with you.