Comments on: Pay by the Mile Car Insurance

By: Get Smart, with a New Car | One Eyed View

Get Smart, with a New Car | One Eyed View — Sat, 08 Dec 2007 02:29:35 +0000

[...] Pay by the Mile Car Insurance [...]

By: ArahMan7

ArahMan7 — Fri, 07 Dec 2007 04:20:09 +0000

Hopefully so.

By: One Eyed View

One Eyed View — Fri, 07 Dec 2007 02:41:53 +0000

ArahMan7,

Thanks for the comment. If this idea takes off, maybe it will spread to your hometown;)

By: ArahMan7

ArahMan7 — Fri, 07 Dec 2007 01:53:30 +0000

Too bad. Just wish there are something like that here.

Greetings and lotta loves from Malaysia.

By: Chris

Chris — Thu, 06 Dec 2007 06:04:05 +0000

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

By: Balaji Sowmyanarayanan

Balaji Sowmyanarayanan — Wed, 05 Dec 2007 01:58:14 +0000

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.

By: One Eyed View

One Eyed View — Tue, 04 Dec 2007 23:28:52 +0000

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”.

By: Brad Nay

Brad Nay — Tue, 04 Dec 2007 23:23:58 +0000

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!

By: One Eyed View

One Eyed View — Tue, 04 Dec 2007 19:13:07 +0000

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!

By: Chris Gay

Chris Gay — Tue, 04 Dec 2007 17:55:50 +0000

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)