27. By Miles

Company: By Miles

Founder(s): Callum Rimmer, James Blackham

Website: https://www.bymiles.co.uk/

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).

Rather than the traditional annual policies, By Miles offers tailor-made solutions so that you are only paying when you drive. Subsequently, the less you drive, the less you pay.
As well as fairer pricing, you can track the exact cost of your daily driving in the convenient By Miles apps and then pay on a monthly basis. The app also helps you manage bills with reminders and neat features which help you keep a daily record of your driving.

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.