By Miles on the road to startup success with their pay-per-mile car insurance service
by Startacus Admin
If there’s one business sector that is ripe for disruption - it’s car insurance (although this is perhaps more a personal desire, rather than one based on stats)!
Park that thought however, whilst we introduce you to By Miles - an insurtech startup which is all set to launch a pay-per-mile car insurance service at some point this year.
This is what the By Miles team have to say about their offering via their website:
“With traditional car insurers, if you drive less than the average motorist, you end up subsidising the premiums of higher mileage drivers. We don't think that's fair. We do it differently. After our monthly subscription to cover your car when it’s parked, we’ll only charge you for the exact number of miles you drive.”
This potentially fairer and more transparent service offers a free ‘Miles Tracker’ which can be placed under a car's dashboard and based on driving distance will simply know how much to charge a user. Simples!
We are not entirely sure if this is an industry first - but it seems they are on track for a good 2017, with the very recent news that they have bagged a funding round of £350,000 via Hambro Perks and InMotion.
With this investment therefore it seems we won’t have long to wait before the traditional car insurance industry gets a shunt in the rear and a competitive alternative steps up a gear...to the plate... takes to the road…
Anyway. We like it a lot.
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Published on: 3rd July 2017
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