Metromile to exit Virginia
Based on an insurance filing in the state of Virginia, Metromile has decided to withdraw its pay-per-mile product effective November 16, 2023.
Metromile will also begin the process of not renewing the 2,044 policies it has in the state in January 2024.
Virginia is one of 8 states where coverage is offered according to the Metromile site. Lemonade’s car insurance product is currently offered in Illinois, Ohio, Oregon, Tennessee, and Texas.
The company has experienced a noticeable premium decline ever since Lemonade completed the acquisition in July 2022. The company ended the first six months of 2023 with $49 million in written premiums, a 15% decrease compared to the same period in 2022. In terms of dollars, the most significant decrease occurred in California, which accounts for over 50% of Metromile’s business. The company saw premiums decline in every state it operates in.