Company: By Miles
Founder(s): Callum Rimmer, James Blackham
Description: By Miles disrupts traditional car insurance by offering pay-by-mile car insurance for flexible solutions
By Miles is a UK-based insurtech company offering pay-by-mile car insurance. Its mission is to provide a flexible car insurance scheme, especially for those who drive less than 7,000 miles annually (19 million UK drivers).
The scheme works by the client first paying a fixed upfront cost which covers the cost of insuring the car whilst parked. Then, users have their own per-mile rates to cover their driving based on their milage. By Miles offers connected car insurance which monitors driving in real time.
By Miles’s business model has been hailed as an innovation for the car insurance sector, making car insurance more relevant and flexible as our driving habits change. With lower milage, and the introduction of semi-autonomous and electric cars, the biggest necessity is flexibility and more fair pricing.
In February the company launched a new feature to alert policyholders if they drive through London’s ULEZ (Ultra Low Emission Zone) zone to help them avoid unnecessary penalties.