Predict your next investment

Corporation
INTERNET | Internet Software & Services / Accounting & Finance
metromile.com

See what CB Insights has to offer

Founded Year

2011

Stage

PIPE | IPO

Total Raised

$300.5M

About Metromile

Metromile (NASDAQ: MILE) makes insurance affordable, fair and personalized with AI and design. The insurance carrier has sensor and telematics data directly from all of its customers' vehicles, which allows it to provide better rates for consumers. The company is best known for pay-per-mile car insurance U.S. and is building a loyal community of drivers who come for the savings and stay for the experience.

Metromile Headquarter Location

1501 W. Fountainhead Pkwy Suite 200

Tempe, Arizona, 85282,

United States

888-242-5204

Latest Metromile News

How Pay-Per-Mile Auto Insurance Works: FAQ, Pricing, Liability, Cars

Sep 17, 2021

x We may receive payment from affiliate links included within this content. Our affiliate partners do not influence our editorial opinions or analysis. To learn more, see our Advertiser Disclosure. If the pandemic changed where you work, you may be able to get some auto insurance savings. If your commute ended or it’s now only a couple days a week—or you have always worked from home—you might benefit from pay-per-mile auto insurance. Related: Compare Rates On Car Insurance With EverQuote x What is Pay-Per-Mile Auto Insurance? Traditional car insurance doesn’t track your mileage and assumes a broad level of regular driving. Pay-per-mile auto insurance or pay-as-you-go coverage determines your premium by how far you drive. x “Pay-per-mile car insurance is fair for drivers because it uses actual driving observations to decide how much a policyholder pays for their auto insurance premium,” says Rick Chen, a spokesperson for pay-per-mile insurance company Metromile. Pay-per-mile auto insurance includes all the same types of coverage you receive from a traditional auto policy—liability, comprehension and collision, uninsured motorist and roadside assistance. But you pay for the miles you actually drive. With a traditional auto insurance policy, the insurance company must account for risk and miles associated with all drivers. So even if you’re a low-mileage driver, your insurance cost will largely reflect other drivers’ claims for repair costs and medical bills. If these expenses increase, so will the rate you pay. It’s like those bad elementary school teachers who made everyone miss recess because a few people were talking. What a bummer. Although some insurance companies offer low-mileage discounts, it’s important not to confuse that with pay-per-mile coverage. With low-mileage discounts, insurers will typically only apply a discount if your mileage falls under a specific limit such as 7,500 miles a year. How Does Pay-Per-Mile Auto Insurance Work? There are two components to the rate you pay with a pay-per-mile policy: a base rate and a per-mile rate. The base rate can be charged daily or monthly and is determined by your personal details (such as age, location and credit) and driving history, just like you would see with a traditional auto policy. The per-mile rate is typically a few cents per mile. “You can think of the base rate as the cost to insure your car when it’s parked, and the rate per mile as the cost for the distance you’re actually driving,” says Chen at Metromile. “When an auto insurance company calculates premiums, they are looking at the risk of an accident, which is higher if you’re on the road frequently than if your car is parked in the garage.” To accurately measure your time on the road, pay-per-mile insurance companies will provide a device that plugs into your vehicle’s OBD-II port, which is usually near the steering wheel. This is the port auto mechanics use to diagnose any issues with your car. It’s important to note that if you have a hybrid or diesel-powered vehicle, or your car is older than 1996, the tracking device may not be compatible with your vehicle. With Metromile, Chen says that your device can track your location with its smart driving features. So if you’re stranded on the side of the road, they already have the location data to make it easier to file a claim. Additionally, if you’re parked in a big city, Metromile will send you notifications to help avoid parking tickets. If you’re a very good driver, another option is usage-based car insurance. These programs track your mileage and your driving habits, such as speeding and braking. How Much Can You Save With Pay-Per-Mile Insurance? The actual amount you can save depends on your unique situation, just like when you have a traditional auto policy. Related: Compare Rates On Car Insurance With EverQuote For example, Liberty Mutual’s ByMile says customers can save an average of 25%, and Mile Auto says that customers save up to 30% to 40% off standard insurance rates. Metromile says that its customers save an average of 47%. To illustrate how much you can save, let’s say you have a $29 monthly base rate and a per-mile rate of 6 cents. If you drive 100 miles in a month, you will pay $35 ($29 base rate + 6 cents × 100 miles) for auto insurance that month and $420 per year. Compare that estimate to your current monthly car insurance bill if you’re a low-mileage driver. Is Pay-Per-Mile Insurance Right for Me? The average U.S. driver drives about 13,500 miles per year, or roughly 37 miles a day, according to the most recent data from the U.S. Department of Transportation. Chen says that the national average or fewer miles is considered “low mileage” in the insurance industry. He estimates that 65% of American drivers are low-mileage drivers—people who could potentially save money with pay-per-mile insurance. Drivers who can benefit from a pay-per-mile auto policy can include: People with short commutes

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

Research containing Metromile

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Metromile in 4 CB Insights research briefs, most recently on Mar 2, 2021.

Expert Collections containing Metromile

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Metromile is included in 6 Expert Collections, including P+C Insurance Tech.

P

P+C Insurance Tech

188 items

S

Smart Money VCs (2017-2019)

6,297 items

We crunched the data to identify the 24 VC firms with the best combination of portfolio valuations and investment outcomes.

A

Auto Tech

1,287 items

Startups building a next-generation mobility ecosystem, using technology to improve connectivity, safety, convenience, and efficiency in vehicles.Includes technologies such as ADAS and autonomous driving, connected vehicles, fleet telematics, V2V/V2X, and vehicle cybersecurity.

R

Rewiring Industries: IoT

99 items

Based on CB Insights Research Brief: https://www.cbinsights.com/blog/iot-market-map-and-company-list/

F

Fintech 250

248 items

C

Connected Vehicle Tech

410 items

Startups developing software and/or hardware technology that enables in-vehicle connectivity and connectivity-related applications like telematics, media, and vehicle-to-infrastructure communication.

Metromile Patents

Metromile has filed 8 patents.

The 3 most popular patent topics include:

  • Translation
  • Translation studies
  • Computer memory
patents chart

Application Date

Grant Date

Title

Related Topics

Status

7/11/2018

7/7/2020

Computer memory, Translation, Global Positioning System, Translation studies, Operating amusement attractions

Grant

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

00/00/0000

00/00/0000

Subscribe to see more

Subscribe to see more

Subscribe to see more

Application Date

7/11/2018

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Grant Date

7/7/2020

00/00/0000

00/00/0000

00/00/0000

00/00/0000

Title

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Related Topics

Computer memory, Translation, Global Positioning System, Translation studies, Operating amusement attractions

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Status

Grant

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Metromile Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

Metromile Rank

CB Insights uses Cookies

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.