Pay-per-mile car insurance platform By Miles has secured £15m in its Series B round which was led by CommerzVentures.
Other contributions to the round came from Octopus Ventures, Insurtech Gateway and JamJar Investments.
The InsurTech aims to provide the 19 million low mileage drivers in the UK which drive less than 1,000 miles a year. It does this through a flexible insurance policy.
A ByMiles insurance policy ensures a holder’s car is always covered by fully comprehensive insurance. The policyholder simply pays a fixed upfront cost to cover the car whilst it is parked and then they get a unique per-mile rate to cover the vehicle while it’s in the road.
The InsurTech has sold more than 20,000 policies and insured 38 million miles.
Despite the coronavirus pandemic causing havoc for a lot of businesses, in April, By Miles saw its largest ever sales week.
By Miles co-founder and CEO James Blackham said, “This crisis has shown UK drivers what we’ve known for a while: the way car insurance works now isn’t working for everyone. They’re rightly questioning why they should pay for insurance they’re not able to use, and asking why traditional car insurers can’t provide a flexible alternative to meet their needs.
“Our pay-by-mile car insurance provides lower mileage drivers with a flexible, lower cost policy that drivers can track in real-time. We’ve already proved this is something UK drivers want, hitting over 38 million miles insured. And, we only expect to see demand growing as driving habits shift while we work our way back to a new normal post lockdown.
The InsurTech previously secured £5m in its Series A round in 2019. Captial was supplied by Insurtech Gateway, InMotion Ventures and JamJar Investments.
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