Our new name doesn’t just describe the way we’re structuring our insurance policies, it’s very much a statement of intent.
London (PRWEB UK) 8 June 2017
Ahead of its launch later this year, UK-based pay-per-mile car insurer Just Miles announced that the company is changing its name to By Miles after a trademark dispute, coinciding this with a website rebrand.
The company’s name change comes partway through a private beta of its revolutionary new pay-per-mile insurance product and driving app, with 100 UK drivers from their waiting list currently trying out simulated policies. Participants have driven over 35,000 miles in the first month of the trial.
Members of the beta trial were asked for their help in deciding on the new name, with By Miles emerging as a clear favourite due to its clarity, simplicity and its emphasis on creating a superior experience for lower mileage drivers.
James Blackham, co-founder and CEO at By Miles, said:
“Our new name doesn’t just describe the way we’re structuring our insurance policies, it’s very much a statement of intent. We want to offer customers significantly better value thanks to smarter, fairer pricing, with a higher level of service than they’ve come to expect from existing car insurers.”
The company believes that traditional insurance models are unfair because they don’t properly account for the miles people drive. As a result, car owners driving fewer miles than the national average are effectively subsidising the insurance costs of higher mileage drivers. With half of the UK population driving under the By Miles low mileage threshold of 7,000, the company believes a lot of people are currently overpaying for their insurance.
Callum Rimmer, co-founder and CTO at By Miles, explained:
“It’s an expensive time to be a driver in the UK. With insurance premium tax increasing this month, people are likely to get a nasty shock the next time they renew their car insurance. We’re building our pay-per-mile product to help car owners take back control of their outgoings with flexible policies that fit the way they live in real-time.”
Aside from a monthly subscription fee, By Miles will only charge customers for the miles they drive, as they drive them. Car owners can use the miles calculator on the company’s website to check exactly how many miles they drive according to DVLA records and decide if a By Miles policy could work for them.
The company is in the process of applying for regulation by the Financial Conduct Authority.