Mark Glover discusses the new
Pay-as-you-go insurance policies being offered in the new future in California. This will save many vehicle drivers a lot of money and charge for what they actually drive.
State Farm now has about 3.3 million policyholders throughout California, which accounted for $2.5 billion in premiums in 2009. The insurer estimates that 25 percent of its policyholders will select the program, resulting in an annual savings of $31 million.
By offering many more insurance plans available for customers, insurance companies, not as popular as AAA, will have a chance of reeling in potential customers. This new idea is especially efficient for the older community who drive only when needed and are currently paying prices for milage they do not drive. The only bad aspect of this idea is that one must implant a device that records one's milage. This can be a small breech of privacy as no one really knows if there are cameras or even microphones secretly slapped into the device as well. One possible conflict that could arise is that there are those who are going to try to tamper with the device to lower their milage reading.
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