Smartcar and Paydrive deal brings Sweden its first pay-per-mile solution

Smartcar, an API developer for cars, has partnered with Paydrive to offer affordable mileage-based insurance to Tesla vehicle owners in Sweden.

Paydrive will use Smartcar’s mileage verification API to determine the amount of miles Tesla owners drive. The company will look to expand its offering in the future to include other vehicle brands.

This deal will see Paydrive become the first insurance startup to offer pay-per-mile auto insurance in Sweden, it claims.

Paydrive CEO Andreas Broström said, “When we were looking for a user-friendly and cost-effective way to verify a policyholder’s mileage, Smartcar’s solution really stood out.

“Having access to an API that directly integrates with each vehicle is a huge advantage for us. On top of that, Smartcar’s docs and SDKs made it easy for our engineers to implement.”

Policyholders of Paydrive pay a base monthly fee and an extra fee for each mile they drive.

Tesla owners in Sweden can now use the Paydrive platform, with drivers sharing their vehicle’s odometer reading through the Paydrive app. Once Paydrive receives user consent, it can retrieve a vehicle’s mileage directly from the instrument cluster by using Smartcar’s mileage verification API.

In addition to verifying the odometer, Paydrive uses Smartcar’s location API to periodically check each vehicle’s location. Depending on the types of roads the policyholder drives on, the InsurTech can adjust the pricing to account for accident risks.

Smartcar is an API for vehicles which can integrate with a vehicle’s computer and interact with the odometer, EV battery, fuel tank, lock/unlock, oil life, tire pressure and more.

Copyright © 2020 FinTech Global

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