I have mentioned here and in a couple of other venues my understanding that a certain large insurer has patented the algorithms associated with mileage-based or usage-based auto insurance, complicating possible adoption of “pay by the mile” or GPS-rated insurance.
It may be that my understanding wasn’t as complete as I thought.
I noticed some interesting news in InsureMe Agent Blog:
This summer, MileMeter will launch their pay-as-you-go auto insurance policies, charging drivers for coverage based on how often, when and where they use their cars. Unlike its British predecessor, however, MileMeter won’t install any kind of tracking device inside the insured’s car.
MileMeter has an operational website already, which goes into more detail about their plans.
1 response so far ↓
1 Chris // 17 Jan 2008 at 6:28 pm
Mike,
Thanks for the coverage on, and interest in, MileMeter. We’ll be live in Texas this summer (2008). If you’re interested in being notified when insurance is available for purchase, leave us your email and zip code at our website.
I like to describe our insurance as “distance-based” or “cents-per-mile” rather than “pay-you-drive” or “pay as you go”. The latter two imply the use of tracking devices or backwards-looking “credits”, and MileMeter does neither. We’ve tried to create a product that is honest and helpful to citizens and consumers.
Sincerely,
Chris Gay
CEO, MileMeter