By Miles has announced that it is officially live and selling pay-by-mile policies to the public the UK.
The drivers have to pay a flat-rate annual motor insurance fee that covers the car when it’s not in use. After that, the driver pays an additional amount for every mile they drive. The product is designed for those who drive less than an average of 140 miles per week.
The company claims the product to be the simplest, most forward-thinking car insurance product as it is bringing the benefits of telematics.
It uses Miles Tracker, a matchbox-sized black box which collects data from a person’s vehicle, helping insurers calculate risk, which gives them the ability to price individual policies more fairly.
The users can plug it into their dashboards themselves. It slots neatly into a car’s OBD-II socket which allows it to interact with its diagnostics system. is a lot more discreet than the average black box, the company claims.
The company launched the product after a lot of testing, we’re ready to open it up to the outside world. This type of insurance is becoming increasingly popular. In fact, it’s predicted that 50% of the world’s cars will be insured by telematics policies by 2030.
Source: By Miles