I like this... insurance for bikers by the mile

I wonder what the actual coverages are like. It's no surprise that a lot of the "cheap" US insurance polices are cheap because they often don't actually cover a whole lot.

I'm surprised the actuaries would actually entertain something like that if there wasn't something going on behind the scenes so far as actual crappy coverage after the fact. All it takes is a 500km a year Tim Hortons special rider to go out on his usual putter and get in a wreck to result in a claim that could cost an insurance company millions here. And since we all know insurance companies aren't big on losing money, well....
 
Need volume for this to work, volume i dont see in the canadian market.

SE asia? I can see it working.

Should CDN insurance companies explore this option? For sure.
 
They have this on cars with CAA my pace. Definitely would be great with motorcycles, but my understanding is that savings for cars on MyPace only happen between 0-9000kms. Since id assume the average (at least for me and my friends is around 20-30k/yr) KMs driven in cars are a lot higher than bikes in Canada, there isnt really a huge incentive for Ins. companies to offer savings knowing most motorcyclists likely dont ride a massive amount of KMs a year. Nor, is there really any margin for them to do so, since KMs ridden are so low, what are they going to do? Offer savings in a threshold of 0-1000kms? I already place 2500kms/year on my insurance form for pleasure riding, and the price doesnt change. I wish theyd introduce it regardless but I feel its wishful thinking.
 
I looked into the CAA program and it would have actually saved me quite a bit on my car insurance, but it only allowed me to enroll one vehicle in the program. The reason I stayed away is because it plugs into your OBD and records all speeds and acceleration which could be incriminating. CAA claims they will not use this for insurance purposes but I am still skeptical, especially since one insurance company in Ontario has already been given permission from the government to use this against their clients.
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