As part of the deal people under the insurance policy can now pay a “lower fixed amount each year to cover their non-driving risks”, such as theft and vandalism, then pay for the rest of their cover monthly, “based on how many miles they drive”.
According to the Co-op the partnership with By Miles is part of the insurers “wider strategy to provide a difference to its members and customers”.
The company also revealed plans to expand its “ability to offer insurance products to more of its 4.6m members and more people across the UK”, as part of an “ambitious growth strategy set out by the business following the sale of its underwriting arm earlier this month”.
Charles Offord, MD of Co-op Insurance, said: “We’re pleased to be teaming up with By Miles to give even more choice to our members and customers who are looking for the right level of cover that suits their individual needs.
“We understand the role vehicles play in keeping people connected in communities throughout the country, this year more than ever.”
He added: “As a community-focused organisation, it’s important to us that we give people the tools required to stay connected and this new usage-based solution will help do this.”