Walnut Creek, Calif.-based CSE Insurance Group has filed a pay-as-you-drive auto insurance program with the California Department of Insurance.Upon approval, customers who take part in the SAVE program will be rewarded for driving fewer miles with lower auto insurance premiums. This optional program will be available in an annual policy term with the minimum mileage starting at 5,000 miles. At policy inception, customers will provide estimated annual mileage and will have the opportunity to increase their mileage if needed during the policy term.
The insured will receive a refund if the annualized mileage is below the original estimated annual mileage reported. If the actual mileage driven is greater than the original estimated yearly mileage, the insured will be billed for the difference, making the program a consumer-managed program.
Pierre Bize, president and CEO, said, “This is a true pay by the mile program where our customers pay for the miles they drive. Not only are drivers reporting their actual mileage, they are reimbursed for the difference between their estimated and actual annual mileage. We believe the SAVE Program generates other clear benefits that fit squarely into our green initiative efforts by encouraging program participants to drive less.”
Policyholders will be able to logon to CSE’s Insured Portal 24 hours a day, 7 days a week to report and/or request a change in their mileage. The program also offers multiple payment options.
Insurers Automobile Club of Southern California and State Farm Mutual Insurance Automobile Insurance are approved to offer pay-as-you-drive programs in the Golden State.
Make sure you go to the post on the Insurance Journal website (link here) and leave a comment!
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