Pay-as-you-go contracts reduce minimum purchase requirements, which may increase market participation. This paper randomizes the introduction and price(s) of a novel pay-as-you-go contract to the California auto insurance market, where 17% of drivers are uninsured. The pay-as-you-go contract increases take-up by 10.8 p.p. (89%) and days with coverage by 4.6 days over the 3-month experiment (27%). Demand is relatively inelastic, and pay-as-you-go increases insurance coverage in part by relaxing liquidity requirements: most drivers' purchasing behavior is consistent with a cost of credit in excess of payday lending rates, and 19% of drivers have a purchase rejected for insufficient funds.

中文翻译：

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现收现付保险：消费者需求和行为的实验证据

现收现付合同降低了最低购买要求，这可能会增加市场参与度。本文将一种新颖的现收现付合同的引入和价格随机化到加州汽车保险市场，该市场有 17% 的司机没有保险。与 3 个月的实验相比，即用即付合同使使用量增加了 10.8 个百分点 (89%)，覆盖天数增加了 4.6 天 (27%)。需求相对缺乏弹性，现收现付在一定程度上通过放宽流动性要求来增加保险覆盖范围：大多数司机的购买行为与超过发薪日贷款利率的信贷成本一致，19% 的司机有购买行为因资金不足而被拒绝。