Insurance

Digital Insurance companies to launch ‘Pay-at-drive’ motor vehicles, add-on

adminComments(37)

Motor vehicle insurance is most commonly used insurance by everyone in the country. we can not even imagine Indian individual without two -wheeler and followed by insurance. Now Private insurance company has announced the launch of ‘Pay-as-you-drive’ add-on feature to its motor insurance product portfolio. It benefits vehicle-owners with low usage to earn a discount of up to 19 percent on annual premiums. Vehicle-owners can avail this benefit of wide coverage of policy, along with some other policies. The insurance regulator had, on July 6, allowed general insurance companies to offer new, add-on covers along with two-wheeler motor policies’ own damage component. That is, you can buy these optional covers along with your base policy by paying an additional premium. IRDAI approved initial grant to add-on concepts such as ‘Pay-as-you-drive’, ‘Pay-how-you-drive’ and single floater policy for a retail policyholder’s multiple two-wheelers or cars.

“The increasing of technology has created a relentless pace for the insurance fraternity to rise up to interesting yet challenging demands of the millennials. The general insurance sector needs to keep pace with and adapt to the changing needs of the policyholders,” the insurance regulator said in a circular. “Introduction (of these options) will aid in giving the much-needed fillip to motor own damage insurance in the country and increase its penetration.”

Digital’s new add offers discounts to its customers driving less than 10,000 miles per year on an average from the time it was bought by the current owner from the showroom. The company will use odometer reading, telematics data and annual miles opted to offer this discount, which can go up to 30%.

admin

Related Articles
Insurance

For insurance policy holders and borrowers,Online instant loan application platform PSB Loans eyes increases half of per cent in disbursements to more than billion

admin

Digital lending platform Online PSB Loans (OPL), which gives instant loan approval scheme, is expected to reach Rs 1,00,000 crore loan disbursements by the end of current financial year 2022-23, an increase of 50 percent in the next eight months, its Managing Director and CEO Jinand Shah told to a financial organization. According to the […]
Insurance

Which is The Best Insurance Policy To Buy Health Insurance or Mediclaim Policy..?

admin

In these days of financial inclusion where every investment and cost-cutting counts as the required mode of monetary assistance, it is very essential that clear financial planning must be done. This ensures that a stable and strong corpus is created for meeting the requirements as and when they arise. One of the prime areas of […]
Insurance

Best Insurance Policies That Every Doctor Must Take

admin

Everywhere doctors are considered to be living god on the earth because they saves many of our lives. Be it in India or any other part of the world, doctors are given most importance in our society. After all, they take away all our pain and worries. Being a doctor has to compromise a lot on […]

37 thoughts on “Digital Insurance companies to launch ‘Pay-at-drive’ motor vehicles, add-on”

Leave a Reply

Your email address will not be published.