PayingTooMuch.com are working with By Miles to bring you a fairer kind of car insurance by giving you the chance to pay for the miles you drive, not the miles you don’t.
Designed for drivers that usually drive less than 7,000 miles per year, (that’s about 150 miles a week), pay-by-mile car insurance is a fair and transparent way to pay for car insurance that can show significant premium savings over traditional car insurance for lower mileage drivers.
How it works:
- You give By Miles permission to record your driving data, and By Miles send you a By Miles Tracker through the post.
- You plug this into your car's OBD-II socket yourself using the simple instructions. No engineers are required.
- By Miles measure the miles you drive, and you can see your journey data in the By Miles app or online.
- There are no penalties if you break or accelerate a bit too hard. This is “pay-as-you-go” rather than “pay-how-you-drive”
Steve Rayner General Insurance Channel Manager at payingtoomuch.com said: “By offering our customers this new type of car insurance policy, you can potentially save yourself hundreds of pounds by switching. If you think you are likely to benefit from this type of policy, then our team will be delighted to speak to you about setting up this policy.”
James Blackham, co-founder and CEO of By Miles said: “We started By Miles two years ago because we believed drivers like us were being charged way too much to insure cars they rely on but don’t drive that often, so we built a simpler and smarter way of pricing car insurance.”
How do you pay for your car insurance when you pay by the mile?
You will pay a fixed fee at outset to cover your car while its parked. This could be as low as £155 and is payable at the beginning of the policy in full. If you don’t drive, this is all you would pay.
After that you just pay for the miles you drive at a fixed per mile rate which is usually between 3p and 14p depending on the car and your personal circumstances.
Key facts:
- There is no limit on the number of miles you can drive
- Full comprehensive cover for driving in any EU country
- Your annual mileage charges are capped at 10,000 miles
- The cover is fully comprehensive and rated 5* by Defaqto
- All policies underwritten by AXA Insurance UK Plc
- No claims discount (NCD) protected
- Authorised and regulated by the Financial Conduct Authority (FCA)
For more details, visit our website.
Our survey said…
Last month we surveyed our customers to see what their feedback would be to a pay-by-miles car insurance. Here are the results:
- 65% of PTM customers drive up to 6,000 miles per year, (it’s clear from the car insurance quotes we calculate that most customers over estimate the number of miles they actually drive per year per car).
- 88% of PTM customers would consider fitting a Miles Tracker to their car to reduce their car insurance costs. (Information correct as of December 28th, 2018)
If you are interested in switching to this type of policy when your car insurance is due for renewal, then call our team on 01243 219333 or visit our webpage.
