What is the Definition of Pay-As-You-Drive (Payd)?

What is the Definition of Pay-As-You-Drive (Payd)?

An auto insurance product whose pricing takes into account the number of miles driven by the policyholder.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Pay-As-You-Drive (Payd)?

You can find random definition and meaning of insurance terms below:


What is the meaning of Hazard

Anything that increases the chance of an accident occurring.


What is the meaning of Homeowners Insurance

Protects homeowners from losses to their homes, personal property, and some types of damage or injury to others for which the homeowner is liable. Homeowners insurance is subject to the terms, limits and conditions of your policy contract.


What is the meaning of Indemnification

The act of providing compensation for a loss with the intent to restore an individual or entity to the approximate financial position prior to the loss.


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