You may think of buying a pay per mile auto insurance policy if you drive your car less frequently. Such a move might help you to save money on coverage especially during times when gas charges continue to go up.
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In a typical pay by mile car insurance cover, your insurer will install a black box type device for monitoring the number of miles that you drive annually. This also helps the insurance company in calculating premium as it will have an inkling of your driving habits as well. You only need to ensure that your driving slate is clean.
Apart from your driving record, your age, gender, status of credit report and the type of vehicle that is to be insured could play a pivotal role in determining affordability of premium. Insurers use these factors for calculation of base insurance rate to which per mile fees will be added. To know more, talk to a competent local agent now!
Since pay by the mile auto insurance covers involve continuous tracking of driver’s driving habits, many people are given to the belief that speeding can retard car insurance discount. Well it’s a myth as insurers don’t use speeding as a factor for calculation of premium.
This assumption is untrue as insurers fit monitoring device for the purpose of locating vehicle in the event it gets stolen or there is a need for roadside assistance should the insured vehicle breaks down. Thus, insurers value the safety and security of your car.
In pay insurance per mile policies, premiums will not increase even if your driving is below par. So, you o have the opportunity to save money. And if you have consistently maintained good driving history, you will benefit as insurer will provide you special discount.
It could be another myth among drivers. Companies that offer Pay-As-You-Drive (PAYD) programs don’t leak any personal details unless required by law. Customer information may be needed to be shared if the insured car meets with an accident or collision that is under investigation.