Friday, December 7, 2012

Startup Launches Car Insurance By The Mile In Oregon

Don't drive all too much, and don't mind someone watching your driving habits? A new, silicon valley startup called MetroMile said this week that it is launching in Oregon, and will offer up a product that charges drivers a per-mile rate on insurance, which it says will deliver "significant savings" for lower mileage drivers. The new startup--backed by NEA, Index Ventures, First Round Capital and SV Angel--said the service is driven by a device they plug into their car called the Metronome, which transmits real-time details of how much driving their customers are doing. Metromile, which is based in Redwood City, California, announced the debut of its service earlier this week, and a $4M funding round.