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There’s no getting around a car insurance policy if you want to legally operate a vehicle on Canadian roadways. And those car insurance premiums can definitely put a dent in your budget.
Luckily, there are a few ways to save money on your car insurance premiums, and usage-based insurance (UBI) may be one of them. With this type of auto insurance, your premiums are calculated based on the type of driver you are and how far you take your car when out on the road.
Let’s take a closer look at usage-based insurance to help you decide if this is something that can potentially help you keep your premiums low.
Usage-based insurance offers a way for drivers to save money on their car insurance policies. Your premiums will be based on your driving habits (pay-as-you-drive) or how far you drive (pay-as-you-go). That way, if you don’t put many kilometres on your vehicle or are a safe driver, you may be rewarded with savings on insurance premiums.
This type of insurance uses a specialized technology called ‘telematics’ that involves a computer chip inserted into the computer system of your vehicle. This will keep tabs on your driving and will help determine your premiums. Some insurance providers are also using an app integrated with smartphone technology to measure drivers and the distance they drive.
Looking for even more savings? Consider bundling your home and auto insurance.
We briefly touched upon “pay-as-you-go” and “pay-as-you-drive,” but what exactly are they?
Both of these insurance types require the use of telematics on an integrated app on your smart device to track your driving habits or distance driven.
Usage-based insurance may be worth considering for a variety of reasons, including the following:
While you can potentially save money with usage-based insurance, there are some drawbacks to consider:
If you’re a safe driver who doesn’t put much mileage on your car, then a usage-based insurance policy may be something worth considering. This technology is becoming increasingly popular and may be a more affordable option than a traditional car insurance policy for certain types of drivers. Just make sure you take the time to do some comparison shopping among different insurers to find the best price possible.
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