miituo

miituo is a Mexican insurtech company founded in 2016 that specializes in usage-based auto insurance with a pay-per-kilometer model. The company operates as Pay as You Drive Technologies, Agente de Seguros, S.A.P.I. de C.V., and is headquartered in Bosques de las Lomas, Mexico City. miituo pioneered the first pay-per-kilometer car insurance product in Mexico, allowing drivers to pay only for the distance they actually drive, with the proposition that if a driver covers zero kilometers in a month, they pay zero while remaining fully insured. The company offers two primary products: a pay-per-kilometer plan where customers report their odometer readings monthly through a mobile app without installing tracking devices, and a fixed payment plan with unlimited mileage. miituo introduced miiflex, a unique service that enables customers to seamlessly switch between the pay-per-kilometer and fixed payment models based on changing driving habits, providing flexibility for life circumstances such as employment changes or relocations. The company partners with Atlas Insurance to underwrite and provide reliable coverage backing for its policies. miituo is authorized by the Comisión Nacional de Seguros y Fianzas (CNSF), Mexico's insurance regulatory authority. Coverage options include comprehensive and limited plans with theft protection, third-party liability coverage up to three million pesos, occupant medical expenses, legal defense, roadside assistance, and travel assistance abroad. The company has raised approximately $10 million in funding from investors including Angel Ventures Mexico, Grupo Promass, Proeza Ventures, and Senalis. miituo positions itself as addressing Mexico's significant vehicle insurance gap by making coverage more affordable and accessible through its consumption-based model.