UK-based pay-by-mile car insurance startup By Miles has launched its By Miles Connect platform which will allow drivers of connected cars to connect their insurance policy to the company directly from their car.
The By Miles Connect platform is able to connect to ten brands of car, in partnership with major car manufacturers Mercedes Benz and Ford, with plans to bring in more brands.
By Miles highlighted that cars are getting smarter, but traditional insurance is slow to adapt. For example, with the recent announcement from Mercedes-Benz that liability will be accepted by the manufacturer when autopilot is engaged, it clear that we need car insurance fit for the future of our road.
By Miles first launched a connected pay-by-mile insurance policy in 2019. Now, the company said it is in a position to take its plans for connected car insurance mainstream.
Drivers of one of the launch brands, By Miles said, will be able to benefit from seamless insurance coverage and personalised pricing based on their mileage.
The company will take information directly from the vehicles, via the cloud, and use information about the distance driven (but not the way the car is driven), to price insurance. By Miles pointed to recent analysis that found that drivers who cover under 7,000 miles perf year could save an average of ?303.64 by insuring their car with the company.
The company said, ?Were trying to make life easier and fairer for lower mileage drivers, and the By Miles Connect platform allows us to provide our award winning usage-based insurance, without the need for any other hardware. As cars continue to get safer and more connected, we plan to offer exclusive features and usage-based insurance discounts for owners of these smarter vehicles.p>
Copyright ? 2022 FinTech Global
