Consumer Spending Loses Steam in Canada as Auto Sector Slides
An advance estimate suggests receipts for retailers rose 1.6% in June, following May's 1.1% decline and April's 0.4% increase, according to Statistics Canada data released Thursday. Those figures point to a 0.4% increase over those three months, the weakest quarterly pace of retail spending in a year.
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Car insurance options for low-mileage drivers
If you don't drive much, paying hundreds or more a month for car insurance can feel like a waste of money. You can't get rid of the insurance expense entirely, but you may have a way to trim your insurance costs. Requesting a low-mileage discount or switching to insurance designed for your limited driving habits could lower your premiums. This embedded content is not available in your region. Learn more: How car insurance works. The basics explained. Can you get low-mileage car insurance? Yes, you can get low-mileage car insurance. Several insurance companies have lower-cost programs for vehicle owners who log fewer hours behind the wheel. Each company sets its own rules regarding who qualifies as a low-mileage driver, how premiums are calculated, and the type of insurance offered. Types of insurance for low-mileage drivers There are three main types of car insurance programs for low-mileage drivers: Standard car insurance with a discount for low annual mileage. American Family Insurance, National General, Progressive, State Farm, Travelers, and others provide standard car insurance at cheaper rates for low-mileage drivers. Pay-per-mile insurance. Pay-per-mile car insurance has an adjustable premium based on how much you drive. Usually, you will pay a low base rate plus a per-mile rate. If your mileage is low, the sum of the two rate components can be cheaper than standard car insurance. Pay-per-mile insurance policies can provide the same coverage as standard insurance, but this may vary by provider. Allstate, Nationwide, and Mile Auto offer pay-per-mile insurance. Usage-based insurance (UBI), also called telematics insurance. UBI sets pricing based on your driving habits, including the number of miles you drive. If you don't drive a lot and drive safely, your rates with UBI coverage can be competitive. UBI providers monitor your driving behaviors and mileage with technology installed in your vehicle called telematics. Root and others offer UBI insurance. Learn more: How usage-based car insurance works How many miles a year is considered low mileage? Each auto insurance company sets thresholds for low-mileage discounts. Often, there are tiers. According to John Espenschied, agency principal at Insurance Brokers Group, insurance companies may characterize 7,500 annual miles driven as low mileage. But someone who drives 3,000 miles a year often gets a larger discount than another driver who drives 7,000 miles annually. You can also define low mileage as being less than the average miles driven. Average miles driven is estimated at roughly 11,000 to 14,000, depending on the source. Kelley Blue Book estimated the 2023 average mileage at 12,200 miles, based on total miles driven divided by the number of drivers. The Federal Highway Administration reported 11,106 average miles traveled by light-duty vehicles in 2023. How is mileage tracked? There are five ways an insurance company can track your mileage. Odometer photos. To maintain a low-mileage discount on standard insurance, you may need to submit photos of your car's odometer reading once a year or every quarter. Service records and claims. Auto dealers, oil change providers, and independent service shops may report work on your vehicle and odometer readings to national databases. Espenschied noted that insurance companies can access that data to determine how much you drive. Device installed in the car. Some insurance companies provide a device that plugs into your car's diagnostic port. The ports may be located under the steering wheel, near the center console, or under the dashboard. You can check your owner's manual to find the exact location. Connected car. Some modern vehicles have built-in technology that collects data on your driving and sends it to your insurance company. For example, some Toyotas made in 2018 or later can share driving data with Nationwide. Smartphone app. You may have the option to use a mobile app that automatically detects when you're driving and records mileage and other data. Who might want low-mileage insurance You may be a candidate for low-mileage insurance if: You work from home. You are retired. You have multiple cars. You live in a walkable city. You favor public transportation or bicycle riding over driving. In short, if you don't drive a car daily or take long trips, low-mileage insurance may be an option. Up Next Up Next How much does car insurance cost for low-mileage drivers? Espenschied estimated that driving less than 7,500 miles annually can lower insurance premiums by 5% to 15%, depending on the state and the insurer. Mileage example The table below shows how monthly insurance premiums can vary by annual mileage across different insurance companies. Quotes assume full coverage and a clean driving record. For this driver, Travelers and Progressive quoted lower rates for lower mileage, while Geico quoted the same rate for all mileages. Because many factors contribute to insurance pricing, your experience may be different. How to get a low mileage discount on your car insurance Know your mileage. You can estimate your annual mileage by checking your odometer weekly during three or four weeks of normal driving activity. Calculate your average weekly miles and multiply by 52 to approximate your annual miles driven. Ask your current provider. Contact your insurance company and ask if there is a low-mileage discount available. You may need to prove you don't drive much, with dated photos of your odometer. Ask your provider what information you'll need to provide and when the discount can take effect. Use a safe-driving app. Install a safe-driving app like Hum and use it to evaluate your driving habits. If the app gives you a good safety score, consider getting a quote for usage-based insurance. UBI is not advisable if you have risky driving habits, since it may cost more than standard insurance. Shop other providers. Your current insurance company may not have a low mileage discount, or the discount may not be competitive. To get the best rates, gather quotes from other companies. Look into standard coverage with discounts, pay-per-mile insurance, and — if you are a safe driver — usage-based insurance. Note that some online quoting tools may not request or consider your annual mileage. In that case, follow up with a broker or agent to ask about a mileage discount. Read more: How to get all the best car insurance discounts Low-mileage car insurance FAQs Is car insurance cheaper if you drive less? Car insurance may be cheaper if you drive less, depending on your car insurance company and where you live. Each insurance provider decides how important annual mileage is as a pricing factor in car insurance rates. Some treat it as a minor factor, and others weight it heavily. How much cheaper is low-mileage insurance? The potential savings for low-mileage driving can be 5% to 15%, according to Espenschied, of Insurance Brokers Group. Are hybrids good for low-mileage drivers? Hybrid cars deliver the biggest fuel efficiency gains in city driving conditions. On longer drives at steady speeds, hybrids rely more on fuel than electricity. Therefore, hybrids are suitable for low-mileage drivers who take short trips in urban areas but are less efficient for low-mileage drivers who only take occasional highway trips. What mileage is the cheapest for insurance? "There is not one cheapest mileage for insurance, but generally, the fewer miles you drive, the bigger the savings," said Espenschied. In other words, those who drive less than 3,000 miles per year can earn larger discounts than those driving 7,000 miles annually.
