So I stumbled across MetroMile a while back and it seemed kind of cool, but it was only in Oregon. It's now come to Washington and I'm pretty intrigued. My driving has been going down each year and I haven't even logged 100 miles so far in 2014 (woo!). I was also looking at how much I spent on transportation in 2013 and pretty much all of it was insurance:
$1,200 Car insurance
$120 Car maintenance (oil changes, batteries for the car key, windshield wipers. I'll only do one oil change per year going forward)
$394 Fuel
$85 Parking
$52 Tolls
$158 Umbrella insurance (I have a $2 million umbrella liability policy)
$127 Vehicle tabs renewal
[$140 Condo insurance, $2,500 deductible]
I have a $1,000 deductible on my car insurance policy. It's new-ish (2011), so I don't want to drop collision or comprehensive.
I actually reduced my annual insurance cost from $2,000 to $1,500 last year after I turned 25, but if I switched to MetroMile, I would get that figure down to around $750-900.
I have the umbrella liability policy because a) my gross income is around $170k+/year, b) my net worth is around $350k at age 25, and c) I'm from Canada where minimum liability limits on insurance are much higher.
For the maximum liability limits with MetroMile and the same $1,000 deductible, it also comes with roadside assistance and towing, which my current policy does not have. My quote from them is for $38.44 per 31 days and 5.7 cents per mile. My estimate is 2,500 to 5,000 miles per year, which would turn into a $595.10 to $737.60 annual cost for car insurance. That seems pretty awesome compared to my current cost. I double checked with my insurance agent and my condo insurance policy won't go up at all by unbundling it from the car insurance policy.
So I guess I'm wondering what the catch is. And I'm wondering if it's possible to get an umbrella policy underwritten at another insurance company without having all three policies under the same roof or if that is worth it.
Has anyone here used MetroMile? I saw a few posts on it.
