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By Miles – Pay-per-mile car insurance

In View Summary

By Miles is a UK based startup that offers pay-per-mile car insurance using a black box and mobile app. By Miles members just pay a small subscription fee to cover fire and theft while the car is stationary. Post that, each trip is logged and charged via a monthly statement – true usage based insurance.

By Miles has created a hardware enabled offering which puts the user in control while simultaneously offering them more transparent pricing and straight forward policy terms

According to the By Miles team, drivers that drive less than the average motorist currently subsidise the premiums of high mileage drivers. By Miles wants to address this with pay-per-mile product in the UK market. With By Miles, you will only be charged for the exact number of miles you drive.

James Blackham, the company’s co-founder and CEO has outlined By Miles’ premise: “Consumers shouldn’t have to pay full price for insurance when they aren’t using their car – if they’re on holiday or taking public transport to work, for example. We’re doing it differently by treating our customers as individuals, building real-time policies that fit around them.

It is worth noting an inherent paradox in pay per mile policies. Although low mileage drivers pay lower premiums, this also lowers the revenue per policy that insurers generate. However, the added market share acquired through next generation product lines such as usage policies can offset the lower revenue per customer.

Reported Benefits

The monthly subscription embraced by By Miles brings an end to the hassle of annual renewals and price comparison among insurers. While By Miles offers fully comprehensive insurance policies as standard, customers will continue to accrue no claims bonuses for incident-free driving.

The Digital Insurer's View

By Miles has created a telematics enabled mobile platform which puts the user in control while simultaneously offering them more transparent pricing and straight forward policy terms. Being mobile driven also allows By Miles to explore partnerships with the likes of ride hailing services, claim servicers and e-commerce platforms.

However, as Metromile (pay-per-mile) and Cuvva (pay-per-hr) have already established similar offerings in this space, the challenge for By Miles will be how it differentiates itself and acquires new members in an increasingly competitive market.


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