Insurance Company ‘By Miles’

[Maranaz]

I have noticed a new Insurance Company in UK designed for connected cars such as Tesla. The premium is directly linked to the miles driven, which for Teslas is automatically collected. It seems like a good deal for low mileage drivers, as it quoted me a price £200 less than my Direct line policy. Has anyone got experience of using a ‘By Miles’ policy ?

 

[Adopado]

I have noticed a new Insurance Company in UK designed for connected cars such as Tesla. The premium is directly linked to the miles driven, which for Teslas is automatically collected. It seems like a good deal for low mileage drivers, as it quoted me a price £200 less than my Direct line policy. Has anyone got experience of using a ‘By Miles’ policy ?

I suppose they all take annual mileage as a significant consideration. However, I presume this policy you describe means that if you manage to restrict your driving in a particular year you will automatically make a saving. That's a bit difficult with the Tesla because you want to drive it a bit more if anything!

 

[Jason71]

how is it "automatically collected" presumably you have to give them your tesla credentials or at least an api token.
if so they can get a lot more than just your mileage. they can get your speed at any point. Where you park it overnight and in the daytime etc. things they might find useful in the event of a claim........

 

[Roy W.]

I suppose they all take annual mileage as a significant consideration. However, I presume this policy you describe means that if you manage to restrict your driving in a particular year you will automatically make a saving. That's a bit difficult with the Tesla because you want to drive it a bit more if anything!

I’ve certainly found myself driving the Tesla more than any other car I’ve had.

I’ve had my car just over six months, and I’m up to almost 10k miles, whereas in the past I think the most I’ve ever done in a year is 15k!

 

[tsh2]

If you give them API access, they get far more than frequent odometer readings - however they don't like me:

We can only cover drivers with at least one year of No Claims Discount.
Your car's a beauty, but we can't insure you on it yet.
It doesn't look like your car is compatible with our Miles Tracker.

 

[ythanbank]

I have noticed a new Insurance Company in UK designed for connected cars such as Tesla. The premium is directly linked to the miles driven, which for Teslas is automatically collected. It seems like a good deal for low mileage drivers, as it quoted me a price £200 less than my Direct line policy. Has anyone got experience of using a ‘By Miles’ policy ?

Just tried them but can't get a quote without a Registration number!

 

[Jeeves]

Interesting concept. In my bitter experience, what matters more than the premium charged by an insurance company is how they respond to claims in the unlikely event that you need to. This article makes interesting reading.

 

[timpharrison]

Just tried them but can't get a quote without a Registration number!

Had this problem - they helpfully suggested I find a comparable Reg Plate from a car on AutoTrader! (I tried, couldn't find one uncovered)

 

[KennethS]

Had this problem - they helpfully suggested I find a comparable Reg Plate from a car on AutoTrader! (I tried, couldn't find one uncovered)

I am a skeptic by nature, but I would have very little confidence in an insurance company that encouraged me to provide a plate number other than my own just to obtain a price quote. Seems a pretty unusual business practice to me.

 

[Jason71]

I am a skeptic by nature, but I would have very little confidence in an insurance company that encouraged me to provide a plate number other than my own just to obtain a price quote. Seems a pretty unusual business practice to me.

I'm guessing that may not be official company policy

 

[ACarneiro]

They’d want my Tesla login credentials. Instant negatory from me.
Also, I do around 15k miles per year so their quote was not very competitive.

 

[MaDProFF]

Who are the underwriters?

 

[cockneyleek]

I tried to call them and online chat with them today.

Not impressed. If they can’t man the sales phones or chat online then what’s the claims department like?

 

[gidster99]

Had this problem - they helpfully suggested I find a comparable Reg Plate from a car on AutoTrader! (I tried, couldn't find one uncovered)

I was also told to do the same thing...and I also struggled... But I kind of insisted they help me... They did. They told me the "Standing Charge" would be £415 and then it was 10.3p per each mile driven. So 6,000 miles would mean a total cost of £1,033.
And if I drove 8,000 it would take it up to £1,239 etc.
So far it is looking like Direct Line is my best option (at just over £800)
To be honest I am somewhat surprised at the Insurance Cost as I have 20 years No Claims Bonus. I live in NW London and park overnight on the drive.
Luckily I had done some insurance investigation before ordering and was coming up with figures between £900 - £1,200, so I would ironically actually be happy with "only" £800 !!!