Auto Insurance by the Mile

[jinman]

The Dallas company is called "Milemeter" and their slogan is "Auto Insurance Buy The Mile." I saw this on the local news last night and went to their site to check it out. It seems they are licensed to sell insurance in Texas and are trying to be approved for other states. I checked what it would cost for a 12,000 mile-per-year policy and found it to be quite expensive compared to my current insurance. However, if you have a couple of farm vehicles you drive rarely on the road and have annual mileage below 1000 miles, this could be a really good deal. Some insurance companies don't care if you have a Sunday driver parked in your garage most of the time. To get it insured, you have to pay the full rate. This company would put pressure on the big auto insurance companies to rethink their policies.

Here's a link:

Buy the Mile Insurance

 

[LBrown59]

The Dallas company is called "Milemeter" and their slogan is "Auto Insurance Buy The Mile." I saw this on the local news last night and went to their site to check it out. It seems they are licensed to sell insurance in Texas and are trying to be approved for other states. I checked what it would cost for a 12,000 mile-per-year policy and found it to be quite expensive compared to my current insurance. However, if you have a couple of farm vehicles you drive rarely on the road and have annual mileage below 1000 miles, this could be a really good deal. Some insurance companies don't care if you have a Sunday driver parked in your garage most of the time. To get it insured, you have to pay the full rate. This company would put pressure on the big auto insurance companies to rethink their policies.

Here's a link:

Buy the Mile Insurance

That's the bum deal on insurance following the car rather than the driver or owner.

 

[CurlyDave]

I don't know how this works in Texas, but in both OR and CA, I can insure vehicles driven less than 5000 miles per year at a reduced rate through my regular insurance company.

 

[LBrown59]

I don't know how this works in Texas, but in both OR and CA, I can insure vehicles driven less than 5000 miles per year at a reduced rate through my regular insurance company.

But you still get taken compared to the fellow driving 1 car the same number of miles per year.

 

[Bird]

That's a new insurance pricing method I hadn't heard of. I used to drive 30k to 40k miles a year, but just don't have a reason to do that anymore. I just checked my records for 2008 and found we only drove the Ranger 3,877 miles last year and the Windstar 11,706 miles. I don't think I've driven that few miles in a year since I was 16. Insurance by the mile might be better for me, but of course, I'm always a little cautious with new companies. I know someone has to try them out for them to ever get started, but I'm not sure I want to be that someone.

 

[radman1]

My brothers farm truck, 1999 F250 4x4 Lariat costs $90 bucks a year for comp and collision if he uses it less than 5000 miles/year.

 

[Bird]

I just checked that insurance by the mile for 4,000 miles and they want a higher premium than I'm paying now for unlimited mileage.

 

[kenmac]

If I could find the same coverage that I now have for less $. I would change companies in a min. Seems all of is too high. One of those things that you don't need till you need it

 

[jinman]

I just checked that insurance by the mile for 4,000 miles and they want a higher premium than I'm paying now for unlimited mileage.

Yeah, Bird, now that I look at it, I think the only person who might save with them is somebody who lives in an apartment and rides public transportation to work while driving very little. As with many things, the facts don't bear out what their commercials imply. If you have your homeowner's insurance and multiple cars insured with the same company as we do, our rates are far below anything I saw on that site. However, competition is good and this will certainly give the big insurers something to think about.

 

[Bird]

If you have your homeowner's insurance and multiple cars insured with the same company as we do, our rates are far below anything I saw on that site.

Same situation here.