CEO/Co-Founder
Mile Auto
Mile Auto provides a pay-per-mile auto insurance model that allows low-mileage drivers to pay only for the miles they drive, potentially saving them 30-40% on their insurance costs. By utilizing a simple odometer photo submission system, Mile Auto eliminates the need for intrusive tracking devices, ensuring driver privacy while offering a fair pricing structure.
- Applications
- Financial Technology
- Insurance Technology
- Software Only
Updated 7 months ago
Funding
Raised to date
$18.8MRaised 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.
$16.6M across 3 disclosed rounds
SVTC$4.2M · Seed
Announced Jun 2023
Disclosed cumulative: $16.6M
3/3
Reported total $18.8M
Incomplete round history. $2.2M of the $18.8M reported total isn’t matched to a known round.
RoundDateAmountValuationInvestors
Founders
Product
Problem
Traditional auto insurance models often overcharge low-mileage drivers, as premiums are calculated based on average driving habits rather than actual miles driven. This results in infrequent drivers subsidizing the costs of high-mileage drivers, leading to unfair pricing.
Solution
Mile Auto offers a pay-per-mile auto insurance solution that allows drivers to pay only for the miles they drive, potentially saving them money compared to traditional insurance plans. The system utilizes a simple monthly odometer photo submission via a smartphone app, eliminating the need for invasive tracking devices and ensuring driver privacy. By charging a base rate plus a per-mile rate, Mile Auto provides a transparent and fair pricing structure tailored to individual driving habits. This approach allows low-mileage drivers to gain more control over their insurance costs and potentially reduce their overall expenses.
Target Audience
Mile Auto targets low-mileage drivers, including urban commuters, remote workers, retirees, college students, and anyone who drives less than 10,000 miles per year.
Features
- Monthly odometer photo submission via smartphone app for mileage tracking
- No tracking devices required, ensuring driver privacy
- Base rate plus per-mile rate structure for transparent pricing
- Full coverage auto insurance options available, including liability, comprehensive, and collision
- Optional coverages such as rental vehicle reimbursement and roadside assistance
- MVerity system extracts odometer data, confirms vehicle and photo authenticity, and compares to previous readings