A promising new development for pay-as-you-drive auto insurance (PAYD): a nascent pilot project in Washington state.
King County—leading a coalition of local governments, state agencies, and nonprofit organizations—has won a grant of up to $616,000 from the Washington State Department of Transportation for PAYD. And the county is seeking an additional $1.5 million from the federal Department of Transportation to underwrite a 5,000-car demonstration project.
First step: select an insurance company willing to not go the extra mile, or at least, to reward its customers not to.
The county and its partners are issuing an invitation to insurers to indicate their interest in the project, which will help its insurance partner pay the up-front costs of developing a PAYD system. Let your friends in the insurance business know!
This effort is on a tight timeline. Insurers must indicate their interest in writing by February 15. For more information, inquire with Bill.Roach (at) metrokc.gov.
(Full disclosure: Sightline is a participant in this project, though not a financial beneficiary of it.)
