By Miles offers a pay-per-mile car insurance model that utilizes a telematics device to accurately track mileage, allowing drivers to pay a fixed annual fee for parked coverage and a variable rate based on actual miles driven. This approach addresses the issue of overpaying for insurance by providing a cost-effective solution for low-mileage drivers, ensuring they only pay for the coverage they use.
Funding
$18.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
CFounders
Product
Problem
Traditional car insurance models often require drivers to pay a fixed premium based on estimated annual mileage, leading to overpayment for those who drive infrequently. This can be particularly burdensome for individuals with low mileage or those who primarily use their cars for short, occasional trips.
Solution
By Miles offers a pay-per-mile car insurance solution that leverages telematics technology to accurately track mileage and provide fairer pricing. Customers pay a fixed annual fee to cover the car while parked, combined with a per-mile rate for actual driving. A matchbox-sized Miles Tracker plugs into the car's OBD-II port or, for newer connected cars, mileage is read directly from the car's mileometer. The By Miles mobile app and online dashboard provide real-time visibility into journey costs, driving data, and helpful car management tools. This model ensures drivers only pay for the coverage they use, offering potential savings compared to traditional insurance for those driving under 7,000 miles annually.
Target Audience
The primary target audience includes low-mileage drivers, city dwellers, owners of infrequently used vehicles (such as classic cars), and those seeking more flexible and transparent car insurance pricing.
Features
- Mileage tracking via a self-installed Miles Tracker device or direct connection to newer car's mileometer
- Real-time journey cost calculation and display within the mobile app
- Fixed annual fee covers the car while parked, with a variable per-mile rate
- Comprehensive insurance coverage, including No Claims Discount protection
- Daily mileage cost capped at 150 miles
- Car Medic feature diagnoses car issues via warning light and engine code scanning (Miles Tracker policies only)
- Find My Car feature locates the car in large car parks
- Policy management via mobile app or web dashboard