READING - Pay as You Drive Insurance
Pay-As-You-Drive (PAYD) pricing means that a vehicle’s insurance premiums and registration fees are based directly on the amount it is driven. PAYD is an innovative, fair, cost-effective, easy way to increase transport system efficiency, providing many environmental, social, and health benefits.
PAYD pricing is particularly appropriate in British Columbia as an emission reduction strategy. As opposed to many other approaches, it has no technological, financial or practical barriers, and could be implemented in time to help meet Kyoto targets.
This short paper describes PAYD, summarizes its history in BC, and describes how PAYD pricing can help achieve provincial objectives.
This is part of a new campaign to encourage ICBC to implement a PAYD pilot project to evaluate the concept.