US auto insurer Metromile to offer Bitcoin payouts to customers

San Francisco-based Metromile, which sells pay-per-mile car insurance on its digital platform, announced that it will soon allow customers to pay bills and receive reimbursements in Bitcoin.

The digital insurance provider, Metromile, will begin accepting #Bitcoin and other #cryptos for premium payments and will also begin to pay claims in crypto.

Metromile is the first insurance provider to make such a move. https://t.co/YfkUV2lWso

— TheStreet (@TheStreet) May 6, 2021

The firm plans in the second quarter of 2021 to purchase its first cryptocurrency worth $10 million to back its decision.

The company said that “allowing cryptocurrency payments will support its drive toward more equitable insurance and bolster policyholders’ financial resilience.”

“Metromile gives drivers the option to choose how they want to pay for their insurance. We started by giving people the opportunity to save 47% annually by paying per mile, and now we want to offer flexibility in payment and reimbursement to their choice”, said the firm’s CEO Dan Preston.

Metromile noted that it will work closely with regulators to address potential issues.

The company did not specify timelines for implementing cryptocurrency payouts or for accepting premiums.

As reported in April 2021, the Swiss unit of AXA Group added the option for customers to pay bills in Bitcoin.

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