The Millennial generation is getting increasingly savvy about easy ways to cut living costs. One surprising new trend is appearing on the road as more and more Millennials opt for pay-as-you-drive car insurance. This involves letting an insurer put a monitor in your car that relays back your driving information. You then receive a variable discount on your premium. 51 percent of Americans surveyed said they would never join the scheme. So why are millennials latching onto this latest driving trend? 1) It’s Relatively New. As pay-as-you-go is still a recent development in most states, they want to get people on board. This means better deals and discounts. Insurers are not allowed to use the information they gather to raise rates. 2) They don’t mind being watched. The data collected helps drivers get discounts of between 20 and 30 percent off their annual premium. So the surveillance only seems to be swinging in a positive direction right now. 3) Millennials Have Done Their Research. Analysts predict 20 percent of insurance companies will have a pay-as-you-drive program within the next five years. Millennials are more than twice as likely than the older generation to have heard about it from friends or family. Survey Data showed the majority of people who dismissed the concept hadn’t actually read up on how it worked. So it looks as though Millennials are getting the word out on money saving insurance tips.
