Texas Company Offers Auto Insurance By Mile
Option Designed To Cut Costs, Help Environment
POSTED: Friday, November 14, 2008
  CHRISTOPHE SIMON/AFP/Getty Images |
A new company is promising Texas drivers the ability to pay for their auto insurance by the mile.
Dallas-based MileMeter announced the statewide launch of what it terms its "driver less, pay less" auto insurance Thursday.The program is designed for drivers who drive up to 12,000 miles per year. Drivers who benefit most from such insurance include urban professionals who live near their work, those who use mass transit, car-pool or work from home, and households that have more than one vehicle that aren't driven frequently, the company said in a press release.The option is also intended to help the environment."Texas drivers now have a choice to do the right thing by their pocketbooks as well as by the environment," said Ramon Alvarez of the Environmental Defense Fund.Consumers can buy coverage in advance in increments of 1,000 miles up to 6,000 miles. When their odometer reaches the end of that increment, they may renew as needed. Any unused miles expire after six months.The cost per mile is dependent on geography and the driver's age as well as vehicle and coverage level.The company is the only insurance company in the United States to be licensed specifically to sell per-mile auto insurance.That became possible thanks to Texas legislation passed in 2001 after a Texas National Organization for Women report showing that car insurance based on group averages breaks down in low-income zip codes, said NOW spokeswoman Hannah Riddering."Texas NOW is gratified that MileMeter is offering an insurance alternative based on odometer miles, not on stereotype averages," she said.Amazon.com named MileMeter founder Chris Gay and the company a 2007 finalist in a national entrepreneurship contest which drew 900 entrants. The company was rated for its sound business model and ability for rapid expansion.
| Survey: Buy Insurance By The Mile? |
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