What Does PAYD Stand For?

PAYD stands for Pay As You Drive

PAYD, or Pay As You Drive, is an insurance model that tailors premiums based on an individual's actual driving behavior. By utilizing telematics or other tracking technologies, PAYD allows drivers to pay for insurance based on the number of miles driven and driving habits, promoting both cost savings and safer driving practices. This approach encourages eco-friendly driving and offers a personalized insurance solution to consumers.