Insurance is the ultimate bitter-sweet product. We curse having to pay premiums and thank the heavens when we receive a check after an accident. It is a necessary evil. Dallas, Texas-based, MileMeter is a new kind of automobile insurance. They will provide insurance on a per-mile-basis. Customers pay in advance increments of 100 miles. Once your odometer passes the pre-payed mileage, your insurance coverage runs out.
Implications - The pay-as-you-go car insurance is an interesting concept that is sure to draw in many potential customers. It is great for people who rarely drive or only drive to their workplace. Insurance by the mile was created as a way to potentially "reduce our environmental impact and to make insurance fair, accurate and affordable."