Would You Let Your Insurance Company Install a Tracking Device on Your Car to Save Money?

According to a new survey, most Americans are NOT willing to buy a new kind of car insurance - even if it could ultimately save them a boat-load of money.

The new type of insurance now being offered by many insurance companies is a pay-as-you-go auto policy.

Laura Adams is a Senior Analysis at Insurance Quotes dot com.

"With this new type of auto insurance, we're seeing savings that range from to ten, thirty, and in some cases even up to 50%."

The catch to the policy though is you have to be willing to put a device in your car that allows the insurance company to track your drivings habits - and that's where people say, "No way."

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Fifty-one percent of those who took part in the survey said they would never consider such a policy, mainly because of privacy concerns.

Adams says younger drivers, however, are the exception.

"We found only 15% of millennials said the were concerned about privacy."

Adams points out that particular age group typically pays more for auto insurance anyways, so they're used to higher fees.

Learn more about pay-as-you-go auto insurance.

(ABC Radio News)