6 years ago

By Miles Secures £5 Million to Revolutionize Car Insurance for Low-Mileage Drivers

  • By Miles, a UK-based pay-per-mile car insurance provider, has raised £5 million in a Series A funding round led by Octopus Ventures

  • The investment will be used to enhance customer service, develop in-app claims handling, and expand their innovative insurance products

  • By Miles aims to provide fairer pricing for low-mileage drivers by charging a fixed cost for parked coverage and a per-mile rate for driving.

      • ProblemFinancial Services

      "Many low-mileage drivers in the UK are overpaying for traditional car insurance that doesn't accurately reflect their usage."

      Solution

      "By Miles offers pay-per-mile car insurance, charging a fixed annual cost for parked coverage and a per-mile rate for driving, resulting in fairer pricing for infrequent drivers."

      Covered on