The chance to pay for your car insurance only when you actually do a bit of driving should come to the UK market later this year, as insurance startup By Miles prepares to launch its pay-per-mile products.
The company has just banked a funding round of £350,000 to help achieve its ambitions, which, pending approval from the Financial Conduct Authority, will see it offer more affordable premiums to people who only use their cars for the occasional leisure trip or the odd grim trek to the relatives/Ikea.
There will, of course, be an app. The company's web site shows it calculating the cost to insure a trip, which means there's a base element -- a monthly subscription fee -- to cover your vehicle while it's parked up, which will be topped up when you head out into the dangers of the open roads. A free Miles Tracker dongle sits in your car and handles the counting of distances covered, giving users real-time estimates of their driving costs.
Boss James Blackham said: "We didn’t think it was fair for drivers to pay full price for insurance when they weren’t using their car, so we’ve designed real-time insurance that treats customers as individuals and fits the way they drive. We’re already trialling the product with a panel of private beta testers from our waiting list, and this support from Hambro Perks and InMotion will allow us to get closer to our full launch." [By Miles]
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