Ford Motor Company is teaming up with Mile Auto, a next-gen insurtech innovator utilizing computer vision and decision analytics to offer an affordable car insurance option based on mileage to low-mileage drivers. Through Mile Auto’s technology-driven and privacy-centric pay-per-mile approach, Ford owners who drive under 10,000 miles per year could potentially save between 30% and 40% off their current rates.
“At Ford, we are focused on ways to improve our drivers’ experiences through connectivity,” said Tim Meek, North America digital insurance manager for Ford Enterprise Connectivity. “Today, some of us are spending less time in our cars and keeping an even closer eye on ownership costs as a result. Our relationship with Mile Auto provides connected Ford customers with a better way to align their auto insurance expenses with actual usage and is part of Ford’s commitment to customer experience innovation through connectivity.”
Mile Auto is changing the way car insurance is purchased with an offering that requires drivers to pay only for what they use. By leveraging onboard telematics data from current Ford models, Ford owners can choose to share mileage data with Mile Auto. Mile Auto does not require smartphones, mobile apps or other hardware to take advantage of lower rates.
“Ford’s commitment to innovation does not stop simply with its vehicles; it extends to the overall customer experience,” said Fred Blumer, CEO of Mile Auto. “By teaming up with Mile Auto, Ford is able to offer its customers an added benefit of fairer auto insurance pricing, made possible by advanced technologies already in drivers’ vehicles.”
The agreement with Ford is the second key relationship Mile Auto has entered into with leading automakers. In 2019, the company launched a program with Porsche Financial Services.
Mile Auto insurance is currently available in Arizona, Georgia, Illinois and Oregon. The company expects to expand its coverage to 50% of the U.S. auto insurance market by the end of 2021.
Mile Auto, also announced that it has secured $10.3 million in seed funding. Investors include Ulu Ventures, Emergent Ventures, Thornton Capital, and Sure Ventures.