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Today I learned of an innovative solution to high insurance prices and the environmental impact of vehicle emissions. It’s MileMeter.com and it just may revolutionize the insurance industry.
From their website:
MileMeter is auto insurance that makes sense. We will offer “auto insurance buy the mile”, so people who drive less pay less for insurance. Customers will buy miles in advance and renew as needed – without vehicle tracking devices. With MileMeter’s insurance by the mile, you only pay for the insurance you need. By rewarding reduced driving with lower insurance costs, insurance by the mile has the potential to reduce our environmental impact and to make insurance fair, accurate and affordable. Based in Dallas, TX, the company has developed the necessary processes, forms, rates, software systems, and received regulatory approval in Texas. MileMeter’s methods and system are Patent Pending.
MileMeter is also a finalist in the Amazon Web Services Startup Challenge. You can view a video describing what they intend to provide to customers, and how they are using Amazon Web Services to accomplish their goals. You can also vote for them to win this challenge.
Please Note: I went to their website expecting to work up a quote for car insurance, but was disappointed to find that they are not yet live. However, they do allow you to sign up for updates to be notified when they go live, and as a web developer myself, I can understand why they would do this.
Please be patient, I have a feeling that MileMeter is in the process of revolutionizing the car insurance industry.
[...] Pay by the Mile Car Insurance [...]
Hopefully so.
ArahMan7,
Thanks for the comment. If this idea takes off, maybe it will spread to your hometown;)
Too bad. Just wish there are something like that here.
Greetings and lotta loves from Malaysia.
Brad,
In answer to your question, MileMeter is not for everyone.
Distance-based auto insurance (eg MileMeter) will provide the most economic benefit to those whose vehicles are driven far less than the average. The average vehicle in the U.S. is driven roughly 12,000 miles per year. So if you drive your vehicle less than 12,000 miles per year, you might experience an economic benefit by switching to distance-based insurance. Ultra-low mileage drivers should have dramatic savings relative to a traditional time-based auto insurance policy.
On the flip side, someone who drives a given vehicle more than the average VMT (vehicle miles traveled) of 12,000 miles per year will probably want to keep their current insurance plan. For now. But the boundary line will move upwards as more people switch to distance-based insurance.
Hope this helps. For more info, I recommend reading the papers at the Cents Per Mile Now Project.
-Chris
In the age of ‘Longtail Rulz’ covering everyone is out of fashion.
But how long till the regular insurance co start offering insurance by the mile? Will the patents of Milemeter come to its rescue?
More than the patent, I guess it will be the customer base that will swear by the service.
Thanks for the comment Brad. Good question, and one I’ve been wondering ever since I learned of this service.
I suppose only “time will tell”.
This is an interesting idea, but I wonder how it would work with different types of people.
It would work great for the occasional driver in the city as they don’t drive too far.
It wouldn’t work for a state to state driver as they rack up the miles.
Unique idea, lets see how this one turns out!
Stumbled it!
Chris, thanks for posting the additional information about MileMeter.com, I have signed up for updates. I challenge the readers of One Eyed View to do the same and find out what MileMeter can do for you!
Please share this Digg, Stumble, or otherwise share this post to help spread the word about this company!
One Eyed View,
Thank you very much for the kinds words about, and interest in, MileMeter! We need all the help and votes we can get.
We can’t provide you quotes or sell polices at this moment — as much as I want to — but the software is ready and we’re tidying up the other requirements to open our doors to the public soonest. In the meantime, please provide us your email and zip code at our website and we’ll notify you when we can give you a quote.
It takes about 30 seconds to get a policy quote and about 3-5 minutes to buy a full policy and print your insurance cards.
Again, thank you for the coverage and interest. We hope you’ll become one of our first customers!
Sincerely,
Chris (of the MileMeter video)