June 29, 2018—Allstate is now offering Milewise in New Jersey so customers can pay based on how much they drive, (aka usage-based insurance).
The new product gives customers even more control over their insurance costs.
"A lot of my customers use public transportation as their primary way of getting around, yet they still own a car," says Edgewater Allstate Agency owner Peter Arcuri. "Milewise is ideal for these customers. Rather than getting a traditional insurance policy for a car that spends most of its time in their garage, Milewise customers pay based on how often they drive."
According to the Q4 2016 Industry Trends Report put out by Mitchell International, 93 percent of millennials would buy usage-based insurance. Willis Towers Watson, an insurance brokerage and advisory company, anticipated that by the end of 2016, 17 million people will have tried it.
Drivers who travel roughly 25 or fewer miles a day could save money on their auto insurance. Milewise is especially popular among retirees, stay-at-home parents and those who mainly use public transportation.
According to the Q4 2016 Industry Trends Report by Mitchell International, 93 percent of millennials would buy usage-based insurance.
Check out FenderBender's interview with Robin Harbage, a director with Willis Towers Watson, who shared his insight on the rise of usage-based insurance and whether the anticipated decline of accidents in the future will impact collision repair shops.
