Motor insurance startup takes further step towards UK launch
Pay-as-you-go motor insurance start-up By Miles has been authorised by the FCA as an insurance intermediary.
The approval brings By Miles a step closer to its UK launch, planned for later this year.
By Miles’s product charges policyholders according to the miles driven. Customers pay a monthly subscription fee to cover their car when it’s parked, then a tailored per-mile rate is added on top for each journey they make.
The company said drivers living in city centres that travel under the UK average of 7,000 miles a year are most likely to benefit from the scheme.
The company has yet to announce which insurer will underwrite its products.
By Miles co-founder and chief executive James Blackham said: “While customers have already been test-driving our technology in a private beta trial, this is a significant milestone for us as we’re now officially regulated to provide car insurance.
“We’re looking forward to helping car insurance in the UK evolve by offering drivers a fairer, more flexible way to insure their cars.”
The startup received £350,000 of funding last month from boutique investment firm Hambro Perks and InMotion Ventures, a startup investment programme backed by Jaguar Land Rover.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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