Save on premiums now with usage-based auto insurance plans available at Policybazaar.com – The Week | CarTailz

Gurgaon, Haryana, India (NewsVoir)

Policybazaar.com now offers exciting pay-as-you-go car insurance plans on its website through its insurance partners Reliance General Insurance, Kotak General Insurance, and GoDigit General Insurance. The Pay As You Go auto insurance add-on was recently announced by IRDAI to make products more user-friendly and cost-effective for customers.

In this innovative category, Policybazaar offers a Reliance plan that allows users to take out insurance based on the number of kilometers they drive in a year, thereby reducing their premium. The Kotak Meter (Switch On/Off) Cover, another plan, is sensitive to a customer’s desire to only pay for a service when they use it. Another successful offering is Go Digit’s Pay-As-You-Drive plan. It’s ideal for customers who typically drive a fixed number of miles annually and want to ration their premium accordingly.

The Pay As You Drive option was first introduced in 2020 and is typically based on usage or miles driven. Instead of having to pay for everything all at once, you pay a usage-based premium. This is especially beneficial for people who work from home or have more than one car.

Sarbvir Singh, President and CEO of Policybazaar.com, said: “The newly launched Pay As You Go plans align perfectly with our goal of making car insurance a desirable purchase and not just a legal obligation. The rising popularity of these plans is proof that innovation is the present and the future of our industry. As one of the leading InsurTechs in India, we are committed to many more such changes in the future.”

Tarun Mathur, Chief Business Officer – General Insurance, Policybazaar.com adds: “The Pay As You Go model is a step towards a sustainable future in the insurance world. It is a milestone in the development of car insurance in India. It is a symbol of a rapidly changing industry that strives to put the customer first. At the heart of this innovation is a mature industry that empathizes with the end user of each product.”

Each product available on the Policybazaar website has a unique benefit. Reliance’s Pay As You Drive plan has four ranges, including 2,500 km, 5,500 km, 7,500 km and 10,500 km. The policy issuance process is simple; it includes a video inspection of the user’s mileage. You can easily increase your driving limit as needed.

The Kotak Meter (Switch On/Off) Cover features an industry-first feature that allows policyholders to turn off their auto damage insurance when not driving. Per policy terms, you will be rewarded with one bonus day for each consecutive 24-hour period in which self-damage coverage is “off”. Policyholders are even entitled to cashback at the end of their policy term.

Digit Pay As You Drive is ideal for car owners who drive less than 15,000 km per year. The insurer even offers an additional discount on your comprehensive insurance premium if the policyholder drives within the permitted limit.

All of the above coverages include fire, theft and liability risk for the entire duration of the policy term, regardless of whether the policy is “switched off” or the mileage limit is exceeded.

In the post-pandemic world, daily travel has become increasingly optional. Pay As You Go offers a refined approach to a policyholder’s premium payment needs. It gives the customer the thoughtful option of only paying for insurance when they actually use it. Policybazaar is the preferred choice for customers as it is the industry leader when it comes to post policy issuance and claims management services. Providing these comparable options to the customers helps them to make an informed decision and select their most suitable plan.

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 UAE region’s credit and insurance marketplace, Policybazaar.ae. Policybazaar.com Group is backed by a variety of investors including PE funds and other family offices. Policybazaar.com started out with the goal of educating people about insurance products and targeted its offerings to the large and highly underdeveloped online insurance markets.

(Disclaimer: The above press release is provided under an agreement with Newsvoir and PTI assumes no editorial responsibility for it.) PTI PWR
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