California has approved the pay-as-you-drive regulations for insurance companies.

"Pay as you drive is an innovative way to give California motorists financial rewards for driving less, leading to lower-cost auto insurance, less air pollution and a reduced dependence on foreign oil," California Insurance Commissioner Steve Poizner said in a statement. "After a year of hard work by my team at the Department of Insurance, and months of working with consumer groups and other valuable parties to fine tune these regulations, these regulations are now in effect, and I encourage insurance companies to start offering this pay-as-you-drive option to California consumers."

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