A New Way to Buy Car Insurance?

A car insurance startup has recently acquired an insurance company with licenses in 50 states. Metromile, which has received funding from investors such as Mark Cuban, charges for car insurance based on miles driven. (A hardware “dongle” tracks how many miles the subscriber drives.) The company also charges a monthly fee that is set based on factors such as location and years driving. Although the company began offering insurance in late 2012, it will now be able to handle underwriting and claims management in-house.

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