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.
Funding
$16.6M 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.
EVSVTCFounders
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