InsurTech Futures: By Miles launches pay-as-you-go motor policy
New product is underwritten by Axa.
InsurTech start-up By Miles has launched its pay-as-you-go car insurance policy.
Underwritten by Axa, the new product measures miles in real time and is aimed at drivers who travel under 7,000 miles a year or 140 miles per week in their car.
By Miles will charge car owners a fixed annual fee to cover their cars while parked and then bill them monthly depending on the number of miles they have driven.
The business was authorised by the Financial Conduct Authority (FCA) in July last year, after
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