Covéa Insurance and pay-by-mile car insurance specialist By Miles have formed a new partnership.
By Miles set out in 2018 as the UK’s first pay-by-mile car insurance policy, and the partnership between the two firms recognises increasing customer interest in usage-based motor insurance, which has gained momentum as a result of the pandemic – with By Miles reporting an increase of over 150% in policy sales in March this year, compared with the same time in 2020.
The By Miles product provides fully comprehensive insurance cover through a low fixed upfront cost, covering theft, accidental damage and vandalism while a car is parked, with a per-mile rate charged at the end of each month based on the exact mileage driven.
The By Miles app offers its customers handy tools to help make owning a car easier (such as low battery warnings and road charging zone reminders), and also allows them to keep track of their insurance spending on a journey-by-journey basis.
James Gearey, managing director, Personal Lines & Protection at Covéa Insurance said: “Our partnership with By Miles is an exciting collaboration reflecting the changing needs of motorists and allowing genuine flexibility for customers. We are absolutely thrilled to be working with them to drive better outcomes for more customers.”
James Blackham, CEO of By Miles added: “When we launched By Miles, we wanted to bring a fairer kind of car insurance to as many UK drivers as possible. It’s great to be partnering with an experienced organisation like Covéa who are totally supportive of our progressive approach to car insurance, and believe in the power of pay-by-mile.”
“We’ve seen demand for our pay-as-you-drive model surge as UK drivers look for more flexible insurance cover that better fits their needs post-lockdown. We’ve just had our strongest sales months ever and this partnership will allow us to bring the benefits of pay-by-mile to even more people around the country.”