Metromile, Inc. is a technology start-up based in

San Francisco San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...

that provides pay-per-mile

car insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for automobile, cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bo ...

. The company also licenses its digital insurance platform to insurance companies worldwide and offers a digitally native product that includes smart driving features, automated claims, and vehicle information. In July 2022, Metromile was acquired by Lemonade, Inc.

Pay-per-mile insurance

Pay-per-mile insurance is a type of usage-based auto insurance where policyholders pay a base rate plus a per-mile fee. It is designed for low-mileage drivers and calculates costs based solely on distance driven, without considering driving behavior. This model contrasts with other usage-based insurance programs that assess factors such as speed, braking, or time of travel. To measure mileage, the Metromile Pulse device is plugged into the onboard diagnostic (OBD-II) port of the car. The OBD-II port is the same port that mechanics use to diagnose issues that trigger a car’s “check engine” light. The device then transmits mileage data to servers. Metromile provides a full customer service team and 24/7 claims team. Metromile began underwriting its own policies in September 2016. Per-mile insurance through Metromile is currently available in

Arizona Arizona is a U.S. state, state in the Southwestern United States, Southwestern region of the United States, sharing the Four Corners region of the western United States with Colorado, New Mexico, and Utah. It also borders Nevada to the nort ...

California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...

New Jersey New Jersey is a U.S. state, state located in both the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. Located at the geographic hub of the urban area, heavily urbanized Northeas ...

Oregon Oregon ( , ) is a U.S. state, state in the Pacific Northwest region of the United States. It is a part of the Western U.S., with the Columbia River delineating much of Oregon's northern boundary with Washington (state), Washington, while t ...

Pennsylvania Pennsylvania, officially the Commonwealth of Pennsylvania, is a U.S. state, state spanning the Mid-Atlantic (United States), Mid-Atlantic, Northeastern United States, Northeastern, Appalachian, and Great Lakes region, Great Lakes regions o ...

Virginia Virginia, officially the Commonwealth of Virginia, is a U.S. state, state in the Southeastern United States, Southeastern and Mid-Atlantic (United States), Mid-Atlantic regions of the United States between the East Coast of the United States ...

, and

Washington Washington most commonly refers to: * George Washington (1732–1799), the first president of the United States * Washington (state), a state in the Pacific Northwest of the United States * Washington, D.C., the capital of the United States ** A ...

. Drivers in other states can add themselves to a waitlist to be notified as additional states become available. Metromile is only offering personal car insurance policies at this time.

Driving app

The Pulse device provided to per-mile insurance customers also collects data about trips and car health. Metromile visualizes this information in an app to give drivers insights that can simplify car ownership. Features include street sweeping alerts, where the driver is notified if their car is parked in a street sweeping zone, and a car health monitor. The car locator feature shows where a car is parked, and some users have recovered their stolen vehicles by knowing their car’s location. The app is currently available for both

Apple iOS Ios, Io or Nio (, ; ; locally Nios, Νιός) is a Greek island in the Cyclades group in the Aegean Sea. Ios is a hilly island with cliffs down to the sea on most sides. It is situated halfway between Naxos and Santorini. It is about long an ...

and Google Android phones. In June 2015, the Metromile Tag was introduced to give non-insurance customers a way to also use the driving app. The Tag wirelessly connects to smartphones via Apple

iBeacon iBeacon is a protocol developed by Apple and introduced at the Apple Worldwide Developers Conference in 2013. Various vendors have since made iBeacon-compatible hardware transmitters – typically called beacons – a class of Blueto ...

technology.

History

Metromile was founded in

Redwood City, California Redwood City is a city on the San Francisco Peninsula in the San Francisco Bay Area, Bay Area of Northern California, approximately south of San Francisco and northwest of San Jose, California, San Jose. The city's population was 84,292 accor ...

, in 2011 by

David Friedberg David Albert Friedberg (born June 6, 1980) is an American Entrepreneurship, entrepreneur, businessman, and angel investor. He founded and was chief executive of The Climate Corporation, whose $1.1 billion sale to Monsanto in 2013 made it the fir ...

and Steve Pretre. David Friedberg currently sits as the chairman of the board, and the company is led by

CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

Dan Preston. In 2013, the company moved its headquarters to San Francisco and in April 2015 added a second office space. A new location was opened in

Boston Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

in April 2015 and in Tempe in May 2015. In September 2016 they announced a new round of $192 million in funding and acquired a carrier which enabled them to start underwriting their own policies. The company became publicly-listed in February 2021 in a reverse merger deal, supported by

Betsy Z. Cohen Betsy Z. Cohen (born October 29, 1941) is the Co-Founder and Chairman of Cohen Circle (formerly FinTech Masala), a multi-stage investment firm that she started with her son, Daniel Cohen. Since 2015, the firm has provided transformative capital ...

who also joined the company’s board of directors. On November 8, 2021, Lemonade, Inc. announced that it would acquire Metromile in an all-stock transaction, which implied a fully diluted equity value of approximately $500 million, or around $200 million net of cash. The acquisition completed on 28 July 2022. Following the acquisition, Lemonade laid off 20% of Metromile's staff.

References

External links

* {{Official, https://www.metromile.com Companies based in San Francisco Companies formerly listed on the Nasdaq Financial services companies established in 2011 Internet of things companies Vehicle insurance 2022 mergers and acquisitions American corporate subsidiaries

Pay-per-mile insurance

Driving app

History

See also

References

External links