European MGA Ticker has launched its pay-per-mile insurance offering for low-mileage drivers. This is the latest product in a suite of connected car propositions, which includes novice drivers, van drivers and electric vehicles.
In order to protect their parked car from theft or damage, the customer must pay up front. After then, he receives a set, unique rate per mile for the miles he logs (a self-install plug-in device sends odometer data to Ticker).
The user can view trip costs and monthly invoices in the Ticker app.
“We’re thrilled to be introducing pay-per-mile into our expanding suite of connected motor products. It’s a case of right product, right time – but its difficult to imagine a future where every insurer doesn’t have a usage-based product in its offering. We’re very confident this product will succeed, for several reasons: our award-winning technology and customer experience, very high levels of pricing sophistication resulting in market-leading loss ratio performance, and our use of machine learning and AI across many aspects of the business.” – Ticker Founder and CEO Richard King.