MileMeter Founder Featured as Expert on By-the-Mile Auto Insurance
DALLAS--A select group of auto insurance regulators, environmentalists, consumer advocates and auto insurance executives recently gathered at the 2009 Ceres Conference to hear three industry experts outline the benefits of pay-as-you-drive (PAYD) insurance.
“Pure mileage-based insurance is a unique product that is equitable, environmental and responsible,” said MileMeter President Chris Gay, during his presentation.
Gay, founder of Dallas-based MileMeter, was invited to weigh in on by-the-mile insurance because MileMeter continues to be the first and only company in the nation offering by-the-mile insurance without installing tracking devices that raise the cost of insurance, violating consumer privacy.
"MileMeter offers the best Pay-As-You-Drive policies currently available in North America. It’s easy to use, affordable and gives motorists the maximum possible incentive to reduce their annual mileage," said one of the panelists, Todd Litman, founder and executive director of the Victoria Transport Policy Institute.
“MileMeter is setting the standard for the entire industry by directly servicing overcharged and underserved drivers,” Gay noted. “If MileMeter does its job well, other insurance companies will soon follow our lead so that Texas drivers aren’t the only ones benefiting.”
Working to address challenges such as global climate change, Ceres acknowledges that PAYD insurance is one way to provide consumers with an economic, green incentive to limit miles driven and receive a reduced rate in current policies while simultaneously helping the environment. Consumers respond to incentives, and with appropriate incentives Ceres argued governments and corporations can encourage more sustainable, responsible consumption.
During the presentation, Gay also outlined how MileMeter’s transparent pricing creates the most effective auto insurance incentives to reduce vehicle miles traveled (VMT). MileMeter’s radically different business model allows motorists to greatly reduce insurance premiums simply by driving fewer miles. For those driving up to 10,000 miles per year, expected savings can average 25 – 75 percent on most policies.
Gay explained, “MileMeter’s by-the-mile auto insurance is convenient, customizable and rewards good social and environmental behavior. The obvious consumer benefit is cost savings but PAYD auto insurance also spurs fewer miles driven on the roads, leading to fewer tailpipe emissions and traffic injuries, less toxic road runoff, and less demand for road and parking lot construction, which helps reduce urban sprawl, improve air quality and fight climate change.”