UK's first pay-by-mile insurance launchedBy Charlotte Whyatt - Mon 31st Jul 2017
Insurance firm By Miles are set to launch the UK’s first pay-by-mile insurance policy as a flexible alternative for very low-mileage drivers.
It’s been designed to be as simple and as no-fuss as possible, requiring only a match-boxed sized telematics device and a free smartphone app in order to work.
All customers need to do is plug that box into their vehicle’s on-board diagnostics port, which is usually located under the steering wheel, and leave it to automatically transfer all of the necessary data back to the app.
At the end of your journey, you’ll be informed of the total amount you’ve incurred and then be billed for all of you costs at the end of the month.
Your By Mile policy will even work aboard so there’s no need to take out a more expensive kind of cover if you’re going on a short holiday or going on a business trip.
“Right now, insurance is ‘all you can drive’ but in this modern age that doesn’t necessarily make sense,” said Co-founder and CEO James Blackham. “Especially if you’re driving less than the average number of miles in each year, which is about 7,500.”
The company is set to launch this policy toward the end of 2017 and as of yet, Blackham has yet to reveal any information about pricing.
Nevertheless, they’ve been offered considerable financial backing by Jaguar Land Rover and hope to work with manufacturer’s more directly in the future.
“Developments such as these shows how the insurance industry is matching innovations in car technology with new products that allow increased flexibility for drivers,” said Ben Howarth, Senior Policy Advisor at the Association of British Insurer.
Source: Auto Express