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In this insurance policy, the car owner has to pay the premium according to the kilometers of the distance covered by his/her car.
There is good news for motor insurance policy holders. The customers now, do not need to spend a lot on insurance premiums, if they travel a lot by public transport than by their own vehicles. Bharti AXA General Insurance in association with PolicyBazaar.com has come up with a special vehicle insurance policy ‘pay as you drive’. In this insurance policy, the car owner has to pay the premium according to the kilometers of the distance covered by his/her car.
This policy has been prepared for private car owners under the sandbox project of the insurance regulator.
In a regular motor insurance policy, the customer has to pay premiums depending on the car model. But, in the ‘pay as you drive’ policy the customer will have the option to pay the premium considering his/her driving habits. This means that according to the number of kilometers the car has been driven, its premium will be decided.
Under this scheme, a customer decides in advance how many kilometers his/her car will run in a year. The premium is decided accordingly. Customers have three slabs of 2500 km, 5000 km and 7500 km. from which they have to choose. The option of top-up is available if it is driven more than the selected slab.
Steps to buy
1. Customers have to choose one of the three available slabs according to their usage.
2. They have to fill in the odometer reading, KYC details, and consent forms of the customers.
3. Assessment of own damage premium will be done as per pre-declared slab.
Edelweiss SWITCH Policy
Edelweiss General Insurance has announced the auto insurance policy Edelweiss SWITCH on an app. Customers can toggle the policy on and off whenever they want. According to the company, the calculation of insurance is done on the basis of the age of the driver and his/her experience. Customers can turn on their policy cover anytime through the mobile application.
Auto Safe Policy of Tata AIG
A device is linked to the car in this policy. The device will show the driving behavior of the owner of the vehicle and is to be kept till the policy is active. From this, data is prepared, on the basis of which numbers are given to the policyholders. The policyholders get the facility to take different packages ranging from 2500 km to 20,000 km.