Evaluating only By Miles’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
James Blackham and Callum Rimmer found By Miles in London offering pay-per-mile car insurance.
FUNDING
Raises £15M growth round; total funding reaches £37M; expands to 100,000 policyholders.
Admiral Group acquires By Miles at significant valuation discount; independent brand wound down.
Full Analysis
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Documented cause
By Miles, a London pay-per-mile car insurance startup co-founded by James Blackham and Callum Rimmer, raised £37M including a £15M round in 2021. The FCA-authorized insurer offered usage-based insurance for low-mileage drivers via a smart plug device. Despite strong brand awareness, adverse selection remained a persistent problem as low-mileage drivers proved to be older with lower premiums than high-risk young drivers. The company's loss ratios deteriorated sharply in 2023. By Q1 2024, By Miles was acquired by Admiral Group at a significant discount to its last valuation, effectively ending the independent operation.