Just Auto Insurance is a Brentwood-based startup that offers a data-driven, prepaid and pay-per-mile car insurance product. Its app monitors driving behavior, mileage, location and time and adjusts rates monthly to reflect actual risk. The company is testing its app in Arizona and has signed up more than 5,000 drivers; some minimum-liability customers pay as little as $10 per month (about 3 cents per mile) while cheapest full-coverage plans are around $20 per month. Just reports a direct loss ratio of 65.8% year-to-date and says its customers have injury-causing accidents at a rate of 2.2 per 100 policy years, roughly 15% below the industry average. The startup plans to use new funding to expand into new areas and to grow its data science team to build features that improve driver safety and reduce accidents. It may develop behavior-recommendation features (and potentially navigation-type guidance) but must navigate regulatory hurdles such as California’s Prop 103 and similar laws in roughly five states that could restrict its product. Just Auto Insurance, also operating as SF Insuretech Inc., is a Los Angeles–based startup established last year. The company offers liability auto insurance sold in 30-day increments so customers avoid year-long contracts. Premiums are calculated per mile and incorporate driving quality—'the better you drive, the less you pay'—and the product is marketed with 'no agents.' The startup has a 17-person team and plans to launch usage-based insurance (UBI). The company filed a Form D with the SEC in connection with an equity round totaling $1.2 million.

Total raised

$9M

Funding rounds

2

Latest round

Equity

Latest activity

Oct 2021