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Policybazaar.com, through its insurance partners Reliance General Insurance, Kotak General Insurance, and GoDigit General Insurance, now offers attractive Pay As You Go car insurance plans on its website. Pay as you go motor insurance add-on was recently announced by IRDAI to help make the products more user-friendly and affordable for customers.
In this innovative segment, PolicyBazar Reliance offers a plan that allows users to buy insurance based on how many kilometers they drive in a year and thus reduce their premium amount. Kotak Meter (Switch On/Off) cover, another plan, is sensitive to the customer’s willingness to pay for only one service while using it. Yet another exciting offer comes in the form of Go Digit’s Pay As You Drive plan. This is ideal for customers who drive a certain number of kilometers per year and want to ration their premium accordingly.
The Pay As You Drive option was first introduced in 2020 and is usually based on usage or kilometers driven. Instead of paying a flat rate for everything, one pays a premium based on usage. This is especially beneficial for those who work from home or have multiple cars.
Sarveer Singh, President & CEO, Policybazaar.com said, “The newly launched Pay As You Go plans are in perfect sync with our aim to make motor insurance a desirable purchase, and not just a legal obligation. The growing popularity of these plans is proof that innovation is the current and the norm in our industry. Future. As one of India’s leading InsurTech, we are committed to many more such changes in the future.” Tarun Mathur, Chief Business Officer – General Insurance, Policybazaar.com, added, “The pay as you go model is a step towards a sustainable future in the insurance world. It is a milestone in the evolution of motor insurance in India. It is emblematic of a fast-changing industry that strives to put the customer first.” . At the heart of this innovation is a mature industry that is sympathetic to the end user of each product.” Each product available on Policybazar website has a unique advantage. Reliance’s Pay As You Drive plan has four driving ranges including 2,500 km, 5,500 km, 7,500 km and 10,500 km. Policy issuance process is simple; It inspects a video of the user’s odometer reading. One can easily top up their driving limit when needed.
The Kotak Meter (Switch On/Off) cover comes with an industry-first feature that allows policyholders to switch off their own loss policy when they are not driving. For every continuous 24-hour period the own loss cover is ‘off’, you will be awarded a bonus day as per policy terms. Policyholders are even entitled to cashback at the end of their policy term.
Digits Pay As You Drive is ideal for car owners who drive less than 15,000 km annually. The insurer even gives an additional discount on your own loss premium if the policyholder drives within the permitted limits.
All the above covers fire, theft and third party risk continue for the entire duration of the policy term, whether the policy is ‘turned off’ or the kilometer limit has expired, whichever the case may be.
In a post-pandemic world, daily travel has become increasingly optional. Pay as you go offers a streamlined approach to the policyholder’s premium payment requirements. This gives the customer the thoughtful option of paying for insurance when they use it. Policybazaar is the preferred choice of customers as it leads the industry in post-issue policy services as well as claims settlement. Providing customers with these comparative options helps them make an informed decision and choose the plan that best suits them.
About Policybazaar (www.policybazaar.com) Policybazaar.com is one of the largest insurance marketplaces in India. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com and the loan and insurance marketplace in the UAE region, Policybazaar.ae. The Policybazaar.com group has the backing of many investors like PE funds and other family offices. Policybazaar.com was started with the objective of educating people about insurance products and addressed the large and highly under-penetrated online insurance market with its offerings.
(This story was not edited by Devdiscourse staff and was generated automatically from a syndicated feed.)
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