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Imagine if you could only pay for car insurance based on what you actually drove -- not -- -- estimate of what you're gonna drive what you don't have to match.
Chris gates the founder and CEO of -- -- the company that charges you insurance.
Based on what you actually drive Chris joins us now from Dallas Texas Texas a state by the way that implemented the program back at 2001 Chris.
Welcome to the program how does this work.
Good morning to you Brian thanks for having us on the show.
At mile meter where the first and only company in the nation offer auto insurance -- a mile so it's simple common sense electro drive the less you pay.
And we sell our product to customers and consumers across it taxes on line.
To our website so how does it work in the GPS based they track the actual miles and you get a bill based on what you drive.
That's an excellent question -- -- -- we trust you we don't track you.
This is based upon five years of research and development and thousands of customers and their feedback.
And you give us a reading at the time of purchase and then throughout.
Occasional policy period notifications to tell us where in Iraq you only pay for what you use.
And behind the scenes that works because every time you get on the road even if you're good driver.
You're exposed to hazardous road conditions and inattentive drivers so the more you drive the more -- you expose of the policy holders to in the insurance pool.
So at -- -- we simply price it based on the miles you drive.
Rather than other factors that we feel are less relevant to the -- and insurance our objective is transparency.
Much weren't -- and how much you drive.
Rather then tracking.
Okay protect your privacy well listen I love the fact you trust people mean you're gonna have to check coming people if not only drive two miles a day -- the train station and you find out the drive a lot more.
A couple things.
What happens if you go over there is there some benchmark number that you hit oil would you know obviously that just total miles -- B drive for some reason extensive amount -- one month.
You're gonna be -- may be with a bigger bill than what you expected.
Well we take care our customers with -- -- its policy contract like standard traditional insurance we've got you covered for -- -- -- six months -- a year.
And if you drive more than expected that's fine you're still covered additional premium is -- just like if you run your electricity.
A little more during the summer months you pay more for the air conditioning no different.
But the opportunity there is to control your usage and to benefit from cost savings we have customers reporting cost savings in excess of 75%.
I've received a note recently from a lady.
That was forced previously choose between purchasing her necessary medication.
And auto insurance and she just couldn't say enough about -- meter because she was able to get the medicine she need without sacrificing the coverage and cost -- service expected winds and what are you able to prices so low I mean I understand low mileage reduces the risk of driving but you know you always hear that almost accidents happened -- you know two miles of her house.
You know so would see that you just drive and a couple miles a day does it really reduce your risk.
Of Iraq or is that just the total urban legend about the crash last mileage relationship.
Well I can't speak to whether or not an urban legend but I can tell you we deal with large pools of people thousands and thousands of people so we're ensuring the choices people make as a large aggregate group.
As an individual it may not change your behavior but as a group that does change behavior.
And that's important because people choose us because it saves them money -- pocketbook it's the free market.
They say -- household money but then indirect benefits accrue to the community because we're taking miles off the road.
That resulted air quality water quality and public safety benefits due to less congestion and fewer accidents and that's why this has national policy implications and an impact and -- marketplace are very interesting idea good to see people growing their business now these days -- -- founder C a mile -- thanks for joining us.
Thank you for having -- -- they care.
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