Aug 09, 2006 -- Why not base insurance premiums on mileage
Clark has talked in the past about an auto experiment in England, whereby people are charged an insurance premium based on the number of miles they drive. The device tracks everything from speed to the type of conditions in which youre driving as well. Its become such a huge success that the insurer in the English experiment has had to order many more spy devices for cars. Now, 40,000 people are driving with these devices in England and more people want them. Its spread to Japan, too. So what about the States? Well, 27 states here have laws on the books saying its possible to charge people based on miles. But no one has put it into practice. Clark loves the idea and hopes it takes off. Now, this wouldnt work for people who drive a lot of miles. But it would be great for people who dont drive a lot, like Clark.