Pay as you drive The program will make auto insurance cheaper. Learn how

Car insurance premiums affect your driving behavior: Read

How will auto insurance policy affect driving behavior? Read

The Insurance Development and Regulatory Authority of India (IRDAI) has now allowed general insurers to offer Pay As You Drive and Pay As You Drive policies based on driving history. of car owners.

Insurers may also offer pontoon policies as an add-on for those with more than one vehicle or two wheels.

IRDAI’s move will make motorcycle insurance more affordable and increase vehicle insurance penetration in the market. Car owners can now choose to purchase insurance based on the number of kilometers they’ve driven.

New technology-enabled auto insurance policies can be covered as an add-on along with basic damage (OD) coverages. “The introduction of the options will support the much-needed supply of OD Insurance for domestic engines and increase its penetration,” IRDAI said in a press release. know in a press release.

Every individual car owner has different driving needs. New add-ons with existing OD covers will provide more choices for car owners.

Now, car owners can choose insurance policies based on driving style, vehicle usage and distance traveled. However, the more specific details of new motorcycle insurance policies may vary depending on the insurance company.

Owners of vehicles with lower mileage may have more options to select insurance policies according to their driving requirements.

Car insurance premiums will be dictated by the owner’s driving needs, and those who use less of their vehicle can benefit from this premium.

Car owners don’t have the same level of vehicle usage requirements, and now new add-ons eliminate the standard premium for all operations. Those who maintain a good driving record can benefit from IRDAI’s latest decision.

Some in the industry have raised concerns that IRDAI’s decision will eliminate the cross-subsidy currently enjoyed by heavy-use customers.

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