Just Raises $8M to Disrupt Car Insurance

Just Insure Secures $8 Million in Funding

Just Insure, an innovative technology firm specializing in pay-per-mile insurance, has successfully completed an $8 million funding round.

The investment was co-led by CrossCut Ventures, ManchesterStory, and Western Technology Investments. This latest funding brings the company’s total capital raised to $15.3 million since its founding in January 2019.

A New Approach to Auto Insurance

Headquartered in Los Angeles, Just Insure leverages telematics to incentivize safe driving practices and mitigate potential biases within the insurance industry.

Instead of relying on conventional factors like ZIP code or marital status, Just Insure analyzes driving habits – including how, when, and where customers operate their vehicles.

Customers are billed solely based on the miles they drive, with rates adjusted according to individual driving behavior. This model allows Just Insure to provide potentially lower premiums for drivers demonstrating safer habits.

The company asserts that its customers experience savings of approximately 40% compared to their previous auto insurance providers.

Currently, Just Insure’s services are available in Arizona, with planned expansions into Texas, Nevada, Pennsylvania, Ohio, and Georgia.

Competition in the Pay-Per-Mile Insurance Market

Just Insure is not alone in pioneering personalized auto insurance solutions.

Metromile introduced its pay-per-mile insurance offering back in 2012.

Root Insurance, based in Ohio, also utilizes smartphone technology to assess individual driver behavior.

While similarities exist between Root and Just Insure, founder and CEO Robert Smithson highlights key distinctions between the two companies.

These differences contribute to a competitive landscape within the evolving auto insurance sector.

The use of telematics is becoming increasingly prevalent as insurers seek more accurate and equitable ways to assess risk and price policies.