If you use your car very sparingly throughout the day and drive by keeping all the safety norms in mind and with care, then this insurance policy is for you. Let us know about the specialty of the insurance policy below in the news.
If you use your car very little during the day and drive by keeping all kinds of safety norms in mind and with care, then this insurance policy is for you. Actually, Insurance Regulatory and Development Authority of India (IRDAI) has given permission to implement pay-as-you-drive motor insurance policy.
Under this insurance policy, the motorist will have to pay premium on the basis of his driving quality and mileage. Which is much better for those people. Whose car is rarely used.
Under this insurance policy, insurance companies allow car drivers to determine their car mileage. The lower the mileage limit the car driver chooses, the lower the policy premium. The insurance company on its part is currently providing only three slabs of 7,500 km, 5,000 km and 2,500 km.
It has to be kept in mind that the insurance company will refuse to give the benefit of the policy if the vehicle runs 1 kilometer more than the prescribed limit of the slab chosen by him. Policy holders driving beyond the slab limit then they can switch to a higher slab or even a regular unlimited policy but it must be upgraded.
Talking about the slab and premium, if we choose the highest slab 7,500 km, then there is only 10% discount on premium. The most important thing is that the suit will be applied only when you yourself are damaged. Third party premium and addon cover will not be affected by this.
The last slab is for 2,500 km. Even though this discount is a bit more attractive, the problem with it is that you can only drive an average of less than 7 kms a day. If you want to update from one slab to another slab then you should do it before any accident because after accident you cannot switch to other slab.
Car insurance experts believe that this policy is best for those who drive very few cars. Also, who has more than one car in the house.
