Pay-per-mile car insurance joins pensions, investments, utilities and insurance in the Yolt app.
Per-mile car insurance has arrived in the Yolt app, with the help of insurtech By Miles.
It’s the latest addition by Yolt, which now has partnerships with pensions, investments, utilities and insurance providers all from its smartphone app.
The move puts Yolt one step closer to becoming a central hub for finances, but without providing the core features like a current or savings account itself.
“Partnering with By Miles brings Yolt another step closer to enabling users to manage their finances, in one central place – ending app juggling and making money management easier to tackle,” said Yolt’s chief product officer Pauline van Brakel.
“With many people having been financially impacted by the virus, it’s a really important time for people to be identifying where they could potentially reduce their outgoings. Switching and saving on insurance products and household bills is a great start.”
By Miles offers insurance policies for UK drivers based on how far they drive each month, with a fixed annual fee to cover vehicles while they’re parked, which proves cost-effective for those drivers who don’t use their cars frequently.
“We’ve designed our policies to work best for people driving under the UK average of 7,090 miles a year. Before lockdown began, half of the nation’s cars were being driven under this amount, but in the last few months, nearly everyone’s been forced to become a lower mileage driver,” said By Miles CEO and co-founder James Blackham.
“If your car’s just parked up, you’re less likely to have an accident, so you should be rewarded with lower cost car insurance. With us, you only pay for the miles you actually drive, so when you drive less, you pay less.”