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.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Coincover the leading crypto security startup secures major investment as it seeks to meet the growing demand from the cryptocurrency market
The London-based startup that's creating innovative solutions for retail businesses as they begin to reopen as the lockdown eases
The startup that is on a mission to empower cyclists everywhere by providing the world’s largest cycle route collection in its innovative app
Black Young Professional Network, aka BYP Network will hit and surpass their Seedrs £500k funding round target.
.jpeg)
Planning to hire an accountant for your startup? Here are a few of the things you should consider before you do just that...
Sustainable reward scheme Bagboard, a first-of-its-kind advertising platform for planet-friendly brands launches £600k funding round
The Manchester-based startup that's created an app to enable hospitality businesses to maintain social distancing while still taking customer orders quickly
The lowdown on Bubo AI, the Yorkshire-based startup that's using AI to create value-based pricing for wholesale and distribution businesses
The London-based startup that's disrupting the insurance industry by its collective-based model for cycling insurance
More than half of employees concerned about returning to work and majority of employees NOT comfortable using public transport
Published on: 3rd July 2017
.png)
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Coincover fuels growth with latest investment round 14th Jul 2020 Coincover the leading crypto security startup secures major investment as it seeks to meet the growing demand from the cryptocurrency market
- More than half of employees concerned about returning to work 2nd Jul 2020 More than half of employees concerned about returning to work and majority of employees NOT comfortable using public transport
- GCHQ Innovation Co-Lab seeks startups harnessing data science, machine learning and AI 2nd Jul 2020 The GCHQ Innovation Co-Lab is on the hunt for companies harnessing data science, machine learning and AI techniques to create real products and solutions.
- Ten Years On: 30% Club Sets New Targets 1st Jul 2020 New targets set by 30% Club aimed at achieving both gender diversity and fully inclusive cultures on FTSE Boards, Executive Committees and Chair Appointments
