Insurtech By Miles has launched, with Tesla, the world’s first connected car insurance policy.
The policy takes information from Teslas and uses information regarding the distance driven to price insurance. It does not use information on how the car is driven. Furthermore, it is the first car insurance policy in the world to take data from the car without any form of black box. The policy was created with insurer La Parisienne Assurances (backed by Swiss Re).
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Lower mileage owners (those who drive under 7,000 miles a year) have a chance to save hundreds of pounds.
The policy was designed with Tesla in mind as one in ten new cars sold are now electric. In addition, the Tesla model 3 was the UK’s third best-selling car earlier in 2019.
Benefits include:
- Pay-per-mile insurance with total transparency on the By Miles smartphone app showing instantly the cost of each day’s miles;
- Electric-first policy coverage with items not often included on insurance policies such as damage or theft of charging cables and accessories;
- If a driver’s Tesla is stolen, By Miles’ team can quickly track it down, and
- Guaranteed repairs for five years using official Tesla parts and at approved Tesla garages.
James Blackham, co-founder of By Miles, said, “Electric and connected cars are the future. The insurance industry needs to catch up and launch policies as smart as the cars themselves.
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By GlobalData“Our policy is the first connected car insurance policy in the world, and the first to offer pay-by-mile cover without the need for any external technology like a black box or smartphone. We’re going totally trackerless.”
Olivier Jaillon, chief enablement officer of La Parisienne, “We’re delighted to be partnering with By Miles to launch the world’s first connected car insurance policy, and we’re thrilled to be launching a policy that gives Tesla owners a chance to lower the cost of their car insurance. As an industry leader in innovation, we need to stay ahead of the game and create the insurance of tomorrow. Working with By Miles to create a really impactful and transparent product that will change the insurance landscape just made sense.”
