Outlook Money
Pay-as-you-drive (PAYD) is a car insurance plan where the monthly premiums are fixed based on the kilometers driven.
Seniors who drive less can reduce their insurance costs. PAYD policies account for actual distance covered with the car.
The premiums are set based on the customer’s driving behavior, such as driving speed, braking, the time of day the vehicle was used, etc.
Seniors who no longer drive long distances or make daily commutes could buy this policy. They can save money by paying for just the miles they drove.
Pay-as-you-drive scheme rewards customers for safe driving. For instance, they might receive discounts on insurance premiums, etc.
Seniors will have greater control over their insurance expenses, ensuring financial security and peace of mind.
Compiled By Himani Verma.