Oregon gets pay-per-mile car insurance

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Friday, December 07, 2012

California technology company MetroMile debuted an insurance product in Oregon that charges drivers based on the number of miles driven each month.

MetroMile is targeting low-mileage drivers who may commute primarily by bicycle or mass transit. The Redwood City, Calif., company, which has raised more than $4 million in venture funding, contends that its per-mile payment system will save lower-mileage drivers between 20 percent and 50 percent on their insurance costs compared to equal or better insurance products.

The company issues drivers a proprietary device called the Metronome that plugs into their car to extract real-time driving data. Drivers would pay “a few cents per mile” plus an additional base rate monthly for full insurance coverage, the company said in a news release.

Read more at Sustainable Business Oregon.

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