By Miles, the company offering drivers real time pay-as-you-go car insurance by the mile, has now seen over 10 million miles insured on its policies. Having launched the product to the UK public in July 2018, By Miles had recently passed its one year anniversary – and had only celebrated the millionth insured mile on its policies just 5 months earlier.
James Blackham, co-founder and CEO, said: “It’s an honour to be hitting the milestone of 10 million insured miles just over a year since we launched to the public. It sends a clear message that lower mileage drivers in the UK are fed up of the status quo, and are looking for a fairer, more flexible alternative to traditional car insurance policies.
We’d like to extend a huge thanks to all of the drivers who have joined us on the journey so far, as it’s our members that make us. They’re the ones giving us the feedback that helps us make the policies and the technology continually better, winning us the awards and spreading the word about the future of car insurance.”
Blackham continued: “We’re currently seeing around 2.5 million miles being driven on our policies a month, and this keeps rising. We’ll be announcing the launch of an exciting new product before the end of the year that will make it even easier to access fairer car insurance pricing and will help make owning a car simpler than ever, so hopefully the miles will start growing even faster pretty soon!”
By Miles charges car owners a fixed annual fee to cover their cars while parked and then bills them monthly, based on the number of miles that they actually drive. The product, which measures miles in real time, is aimed at drivers who travel under 7,000 miles a year (or less than 150 miles a week) in their cars, making it perfect for city dwellers, occasional drivers and people that mostly drive at weekends. It will also reveal to motorists the true cost of car journeys, allowing car owners to decide whether or not to take their vehicle, with potential benefits for the environment and for public health.
The pay-as-you drive insurance, likened to mobile phone billing, could help drivers make substantial savings each year as the cost of motoring and car insurance continues to climb. Charging for the distance travelled is also a fairer way to charge motorists for insurance, as drivers increasingly mix modes of travel including public transport, bike and walking.
The company only prices its policies based on how far a car is driven, not how it is driven. This sets it apart from many existing black box products that often score drivers on their braking, acceleration and speed to change the price of their insurance.
Potential customers can get a quick idea of their quote in less than a minute and the fully comprehensive policy includes No Claims Discount protection, personal accident cover, courtesy car when your car’s being repaired, uninsured driver cover, misfuelling cover and replacement key cover – add-ons that drivers normally pay extra for. The By Miles smartphone app also gives drivers other tools to help make owning a car much easier, including ‘Find My Car’, a car finder and theft tracker, and ‘Car Medic’, a diagnostics tool that scans your car for mechanical issues and error codes.