Drivers in Hamilton and across the province could soon be saving hundreds of dollars on their auto insurance premiums.
That’s if the Financial Services Commission of Ontario allows more companies to offer usage based insurance.
Auto insurance companies are seeking approval to launch the system, which could cut the average annual cost of insuring a vehicle by 15 per cent.
Insurance Bureau spokesman Pete Karageorgos (kara-GEORGE-ess) says usage based insurance takes into account how far you drive, your turning, braking and acceleration habits, and the time of day that you’re in your vehicle.
Traditional car insurance polices are based on past driving behaviour, your demographic and where you live.
Usage based insurance is also available in Quebec and in 47 U.S. states.