Congratulations to portfolio company By Miles, which has partnered with one of the biggest insurance companies in the world, AXA UK.
AXA will provide the insurance for By Miles’ innovative pay-per-mile product, which launches to waiting list members next month. (To join the waitlist, click here.)
By Miles’ insurance product is designed for lower mileage drivers. Those that drive less than 7,000 miles a year could save money compared to a standard premium. By Miles drivers pay a fixed annual cost to cover cars while they’re parked, then a unique per-mile rate to cover driving.
By simply entering their car registration number into the mileage calculator on the By Miles website, interested drivers can find out if a pay-by-mile policy could be suitable for them.
Journeys are measured using a Miles Tracker device, which plugs in under the car’s dashboard. Using the By Miles app, drivers can view the cost of each individual trip, as well as their general driving and spending data.
“We created By Miles to help UK motorists take back control of their car insurance, combining smarter and fairer pricing with a better and more personalised service,” says James Blackham, co-founder and chief executive of By Miles. “AXA is one of the most experienced insurers in the world, and welcoming them as our underwriting partner will give our members the peace of mind that they’ll be protected by the best if the worst happens.”
“Our partnership with By Miles fits with our focus on finding innovative ways to reach customers – especially those whose needs differ from the wider market,” says Neil Mercier, head of motor at AXA UK. “By Miles will benefit motorists who spend less time behind the wheel, allowing them to pay for their insurance based on their usage and take control of what they pay for their cover.”
Read more about the partnership on the By Miles website.