The Insurance Regulatory and Development Authority of India (IRDAI) has now permitted the general insurance agency to offer Pay As You Drive and Pay How You Drive policies predicated on the driving history of car owners.
The insurers can likewise introduce a floater policy as additional for those with more than one vehicle or bikes.
The IRDAI’s move will make motor insurance more affordable and raise the penetration of vehicle insurance available in the market. The car owners can now choose insurance cover based on the number of kilometres they drive their vehicle.
The new tech-enabled car insurance policies can be covered as add-ons, and elemental damage (OD) covers.