By Miles and Covéa Insurance announce exciting new partnership

11 May 2021

As demand soars for pay-by-mile car insurance, Covéa Insurance and By Miles announce new partnership to bring policies to more UK drivers.

Covéa Insurance is delighted to announce an exciting new partnership with pay-by-mile Insurtech, By Miles. 

By Miles set out in 2018 as the UK’s first pay-by-mile car insurance policy, aiming to make car insurance better for the millions of lower mileage drivers across the country. Their mission is to bring fairer car insurance to as many people as possible.

The partnership between the two firms recognises increasing customer interest in usage-based motor insurance, which has gained momentum as a result of the pandemic. By Miles saw an over 150% increase in policy sales in March this year, compared with the same time in 2020. Based on the premise that if you drive less, you pay less, the product provides inbuilt flexibility for motorists with low or variable mileage, putting customers back in control of the cost of their insurance as they only ever pay for what they use. There is no need to inform the insurer of their mileage, or request a refund, the process is completely seamless.

The new partnership is part of Covéa’s wider strategy to deliver choice and more flexible customer solutions by working with innovative new businesses. For By Miles, the partnership adds capacity to reach even more customers, from an insurer with an outstanding reputation for building strong intermediary relationships, and for delivering a market-leading claims experience.

The By Miles product provides fully comprehensive insurance cover through a low fixed upfront cost, covering theft, accidental damage and vandalism while a car is parked, with a per-mile rate charged at the end of each month based on the exact mileage driven. The By Miles app offers its customers handy tools to help make owning a car easier (such as low battery warnings and road charging zone reminders), and also allows them to keep track of their insurance spending on a journey-by-journey basis. . This creates a powerful incentive to drive less, whether to save money, protect the environment or simply be in control of insurance costs.

James Gearey – Managing Director, Personal Lines & Protection at Covéa Insurance said: “Our partnership with By Miles is an exciting collaboration reflecting the changing needs of motorists and allowing genuine flexibility for customers. We are absolutely thrilled to be working with them to drive better outcomes for more customers.”

James Blackham, Chief Executive and Co-founder of By Miles said “When we launched By Miles, we wanted to bring a fairer kind of car insurance to as many UK drivers as possible. It’s great to be partnering with an experienced organisation like Covéa who are totally supportive of our progressive approach to car insurance, and believe in the power of pay-by-mile.  We’ve seen demand for our pay-as-you-drive model surge as UK drivers look for more flexible insurance cover that better fits their needs post-lockdown. We’ve just had our strongest sales months ever and this partnership will allow us to bring the benefits of pay-by-mile to even more people around the country.”

         

 

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About Covéa Insurance

Covea Insurance Plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France, generating over 16.6 billion Euros in premiums in 2020.   

Covéa Insurance looks after the insurance needs of over 2 million policyholders; delivering financial reassurance through its Standard & Poor’s ‘AA- stable’ rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, pet, mid and high net worth insurance and a range of commercial insurance products, through a range of distribution channels.

Employing over 1900 people, Covéa Insurance has a strong people and service ethos.  It holds ServiceMark accreditation with Distinction for its Personal Lines operation and its Commercial & HNW Claims teams, as well as Chartered Insurer status for its Commercial business.  Covéa Insurance is signatory to the HM Treasury Women in Finance Charter and the insurance Inclusivity Pledge and has been named one of the top 75 employers in West Yorkshire & the Humber.

Recently, Covéa Insurance has been named as the Best Place to Work in Digital (Large Organisations) at the Digital Technology Leaders Awards and as the Best Employer at the Yorkshire Financial Awards.  They were also recipients of the High Net Worth Product of the Year Award at the Insurance Times Awards, the Staff Empowerment Award at the Diversity & Inclusion in Insurance Awards, and the Diversity Award at the British Insurance Awards.

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