None
Skip to mainThe vehicle insurer is now permitted to issue technology-enabled add-on policies for own damage motor insurance plans based on the owners' usage and driving behaviour according to the Insurance Regulatory and Development Authority of India (IRDAI). According to a recent notification from the regulator, individuals will soon have the choice to purchase floater plans for numerous vehicles rather than individual policies for each vehicle.
IRDAI has approved the introduction of the following technologically advanced concepts for motor own damage (OD) covered by general insurance companies:
The "Pay as you Drive" coverage will let consumers pay for insurance based on how often they really use it. This coverage might be determined based on the client's approximation of their intended consumption throughout the cover year, and it could be monitored with the help of technology like a geotagging app. However, in the case that the client exceeds the declared consumption, the insurers would also need to specify the claim settlement procedure.
It's "Pay as you Drive" The add-on will depend on the owner's driving habits. Customers will have the option to select live tracking of their driving, including usage, speed, and other parameters. The insurer can provide a vehicle cover with dynamic pricing by utilising all of these.
Similar to floater health insurance, a "floater policy" for vehicles will enable people who own many cars or two-wheelers to select a single form of motor insurance to cover all of their vehicles.
More individualised pricing for vehicle insurance consumers will result from the adoption of these technologically advanced add-ons. Customers are currently divided into a number of homogeneous strata and charged according to the average loss cost of that stratum. With the new add-ons that have been suggested, pricing will be more directly correlated with a customer's driving distance, low/high mileage, and driving style, safe/unsafe driving.
🕑 26 Jul, 2024 09:58 AM
44.8% DA for CPSE IDA employees in 2017 pay scales
🕑 26 Jul, 2024 09:56 AM
217.8% DA for CPSE IDA employees in 2007 pay scales
🕑 26 Jul, 2024 09:52 AM
436.5% DA for CPSE IDA employees in 1997 pay scales
🕑 26 Jul, 2024 09:34 AM
Revised DA rated for CPSEs following IDA pattern of 1987 and 1992 Basis
🕑 24 Jul, 2024 09:38 AM
Lok Sabha Q&A : Restoration of Old Pension Scheme is not under consideration
🕑 23 Jul, 2024 12:43 PM
Relief for IT payers in the new tax regime
🕑 23 Jul, 2024 12:04 PM
Budeget 2024 : Updates
🕑 22 Jul, 2024 04:42 PM
No proposal to constitute 8th Central Pay Commission: Govt in Lok Sabha
🕑 22 Jul, 2024 04:39 PM
Centre lifts ban on govt employees joining RSS activities
🕑 13 Jul, 2024 02:31 PM
7 point charter of demands by confederation: 8th CPC, OPS, DA arrears...
🕑 23 Jun, 2024 08:47 AM
8th Pay Commission: How much pay hike central govt employees expect?
🕑 20 Jun, 2024 05:59 PM
Finance Minister May Increase Income Tax Exemption in Budget 2024
🕑 18 Jun, 2024 03:34 PM
The Impact and Expectations Surrounding the 8th Central Pay Commission
🕑 07 Jun, 2024 10:13 AM
Indian Members of Parliament: Compensation and Benefits
🕑 10 Apr, 2024 08:35 AM
Kendriya Vidyalaya Sangathan Admission Guidelines 2024-2025
🕑 05 Apr, 2024 01:23 PM
Kendriya Vidyalaya Balvatika Admission Schedule - 2024-25
🕑 02 Apr, 2024 09:25 AM
Kendriya Vidyalaya Admissions Open for 2024-25: Key Dates & Appln Process
🕑 01 Apr, 2024 09:23 AM
Kendriya Vidyalaya (KV) schools where Balvatika is functioning
🕑 14 Mar, 2024 02:07 PM
Govt bans 18 vulgar 18 OTT. See the list here