Since fuel prices are constantly on the rise or decline, consumers all across the country are trying to find some way to save money at the pump.
Paying auto insurance in combination with high gas prices can really put our finances in a tight grip. Insurance companies have chosen to respond to this situation by creating a new insurance program which is known as a pay as you drive program, that could provide policy holders some financial relief.
Officially called Environmental Defense, the program’s purpose is to use it to track an individual’s car mileage.
Two ways are proposed in which to make this work. One way of doing this is, from time to time an embedded cell phone containing a proprietary odometer calls in your mileage to the insurance company.
The other method used on a regular basis to track mileage, is a GPS device installed in a phone which tracks the travel route you are taking, much like the On Star system does. A little more information may be most helpful when you are trying to make a clear decision on the method that is right for you.
Some consumers object to the GPS system, because they believe that it infringes on their right to privacy. Using the GPS method has its advantages, however, as it not only keeps track of the mileage but it also advises the best time to travel and the easiest route to follow. You should make a comparison of your concerns for privacy and the probable benefits of each method.
The Environmental Defense has the idea that a pay as you drive program will save the consumers money and help reduce pollution, because the insurance companies will offer incentives for driving less. An added benefit of the pay as you drive program, is that it could end up reducing driving and congestion in cities where traffic problems with overcrowded highways are prevalent.
Pay as you drive programs will help make auto insurance more affordable for drivers by letting them gain more control over their auto insurance premiums.
It can be quite easy to determine how cost effective a pay as you drive program will be. A part of your annual premium rate is charged into a per mile fee by assigning your car to a group, according to vehicle type and the amount of usage and your zip code. When the per mile rate is determined you most likely will have to pay an upfront fee for your pre-determined mileage.
The amount you will have to pay on auto insurance and whether you will receive a rebate or have to pay more, will be determined by the amount of time you have spent in driving the car.
It has been estimated that this type of program could end up saving some policy holders up to twenty-five percent on their auto insurance.
If you can actually save money on the cost of auto insurance and improve the environment and cut down on the amount of congestion on our highways, it could be one of the best ways to go.
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