These are telematics based motor insurance plans, the premium for which depends on the mode of use or driving of the vehicle. This includes features like Pay As You Drive and Pay How You Drive.
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Now there is no need to worry about expensive car insurance. Insurance regulator IRDAI has announced new rules. Under this, vehicle owners will now be able to choose the premium of motor insurance according to the mode of driving. IRDAI has ordered general insurance companies to introduce advanced features of additional benefits and comprehensive protection cover for vehicle insurance policies.
These are telematics based motor insurance plans, the premium for which depends on the mode of use or driving of the vehicle. This includes features like Pay As You Drive and Pay How You Drive. The telematics-based motor insurance scheme will revise the premium amount based on the heaviness of the vehicle being used or driving.
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In this way the premium will be fixed
according to the insurance regulator, bad or hasty driving will attract a higher premium. It states that the driving pattern of a vehicle will be monitored through the Global Positioning System or GPS. A mobile app or a small device will be installed in the vehicle, which will share this information. Apart from this, with the help of GPS, the insurance company will also be able to monitor the driving pattern of a particular vehicle. At the same time, with the help of technology, driving score will be given to each vehicle, from which the amount of insurance will be decided.
Same insurance for multiple vehicles
IRDAI has also made a big announcement that if an owner has more than one vehicle, he can get only one insurance premium through new rules using telematics-based motor insurance plans. with coverage. The premium on insurance will also depend on the number of vehicles one drives.
Driving less vehicle will have to pay less premium
IRDAI has approved new insurance products to general insurance companies. According to the new motor insurance rules, one can decide the premium amount on the insurance based on the distance of the vehicle that is regularly plying. If the vehicle is used less frequently then one can avail and avail usage-based cover. Users can also set the premium rate according to the maximum distance covered once in a month.
