How does VOOM work?

With VOOM, you only pay for the miles you drive plus a low base rate.

While binding your policy, you will set an estimation for your annual mileage expectancy. Each following month, your billing will reflect the expected mileage, plus a monthly base rate. 

During two periods, mid-policy and at the end of your policy, you will be asked to update your current odometer reading, and the billing will be adjusted accordingly.

If you drove less than expected, you will be refunded, if you drove more, you will be asked for the adjusted premium. 

Real-life example:

Steve Jones has a policy with an $8 fixed monthly rate and a 10¢ per mile rate. He estimated his annual mileage at 1,200 miles. Steve's first monthly payment will be $18 (calculated as $8 fixed rate + $10 for 100 estimated miles).

After 6 months, Steve uploads his odometer reading, which shows he rode only 300 miles in that period. Since he paid for more miles than he actually rode, Steve will be refunded for the difference.

Read more: How will I be charged if I forget to upload my odometer image?