Europe Insurtech

Yolt helps users save on bills through partnership with flexible motor insurance provider By Miles

  • All Yolt users in the UK will now have direct access within their app to By Miles, enabling them to purchase pay-by-mile car insurance

  • By Miles provides flexible car insurance policies, aimed at people driving under 7,000 miles a year, which has been helping consumers driving less frequently during the UK’s lockdown

  • Yolt data has shown users’ average spending on transport and travel has dropped by 54% from February to May, meaning many could reduce their cost of their car insurance by opting for a flexible plan

Yolt, the smart thinking money app, has expanded its network of partners today, announcing a new in-app partnership with pay-by-mile car insurance provider, By Miles. The service sits alongside Yolt’s other in-app partnerships, which are aimed at helping users to better control their money. At a time where consumers are looking to reduce regular outgoings and bolster their financial security, Yolt users will now be able to apply for a more flexible motor insurance policy that better meets their bespoke needs, during the UK’s ongoing lockdown.

This latest announcement supports Yolt’s ongoing mission to enable its users to spend and save smart. With the addition of partner, By Miles, Yolt now enables users to manage their pensions, investments, utilities as well as car, phone and home insurance all from a single app.

By Miles provides pay-by-mile car insurance policies for UK drivers, which are based on how far you drive each month. The service charges a fixed annual fee to cover vehicles while they’re parked, with customers then paying per mile for any additional driving throughout the year. The model can be particularly cost-effective for drivers who use their cars infrequently, helping to bring savings to those who have been reducing their driving during lockdown.

Yolt’s latest data has shown average spending from its users on travel and transport has fallen by 54% and with many consumers now significantly reducing how often they use their vehicles, flexible insurance plans – such as those provided by By Miles – offer the opportunity to significantly reduce the annual cost of protecting vehicles against theft or damages. By Miles data suggests that, on average, its customers can save up to £150 annually by switching to the flexible model.*

Pauline van Brakel, Chief Product Officer, comments:“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. Through trusted partnerships like these, Yolt users are able to effectively manage their insurance products, investments, savings, pensions and other bills, directly from within the app.

“The UK’s lockdown measures have led many to significantly reduce the amount they travel. For these drivers, a flexible insurance plan could help them to bring down the cost of their policy, by paying for car insurance that’s based on the actual miles they’re driving. 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.”

James Blackham, CEO and co-founder of By Miles, added: “It’s great to be partnering with Yolt, a company as passionate about putting people back in control of their finances as we are. Households across the country are feeling the pressure right now, so it’s more important than ever to give them the opportunity to save wherever they can.

“Our pay-by-mile car insurance policies offer a fairer, more flexible way to insure your car – especially if you’re not driving that much. You can keep an eye on your spending too, with itemised monthly statements and the ability to see how much each trip will cost before you set off.

“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. 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.”

Author

  • Editorial Director of the The Fintech Times

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