ICMIF member Co-op Insurance (UK) announced that it had teamed up with pay-by-mile car insurance provider By Miles to deliver further choice and value to its members and customers. Available direct through Co-op Insurance’s website, motorists who drive lower mileages are now able to take advantage of the new offering.
Rather than paying an annual premium, drivers pay a lower fixed amount each year to cover their non-driving risks, such as theft and vandalism, then pay for the rest of their cover monthly, based on how many miles they drive.
By Miles provides pay-as-you-drive car insurance aimed at those who drive less than the national average. The insurtech company launched its first pay-by-mile policies in July 2018. It measures each journey using a device called a Miles Tracker, with drivers able to access the cost of each trip through a smartphone app. In addition to giving customers transparent access to their own spending and driving data, the By Miles app and web dashboard offer chat support and a range of additional features that make owning a car easier.
The partnership with By Miles is part of Co-op Insurance’s wider strategy to provide a difference to its members and customers by expanding its ability to offer insurance products to more of its 4.6 million members and more people across the UK, as part of an ambitious growth strategy set out by the business following the sale of its underwriting arm in December 2020.
Charles Offord, Managing Director of Co-op Insurance said: “We’re pleased to be teaming up with By Miles to give even more choice to our members and customers who are looking for the right level of cover that suits their individual needs.
“We understand the role vehicles play in keeping people connected in communities throughout the country, this year more than ever. As a community-focused organisation, it’s important to us that we give people the tools required to stay connected and this new usage-based solution will help do this.”
James Blackham, co-founder of By Miles added: “We are delighted to start working with Co-op Insurance to help offer even more choice and a personalised service to its members and customers.”
Co-op Insurance is part of the Co-op, one of the world’s largest consumer cooperatives with interests across food, funerals, insurance, legal services and health. It has a clear purpose of championing a better way of doing business for people and their communities.