Pay as You Drive is a type of vehicle insurance that offers comprehensive protection and is also easy on the pocket because it has a lower premium.
Pay as You Drive policy will offer various benefits like own damage cover, and third party liability cover.
Offers discount on your own-damage premium depending on the slabs of the kilometres travelled.
IRDAI in collaboration with various insurance companies came up with this policy in which private car owners will be offered a usage-based motor insurance policy.
It is a pilot project introduced & approved by IRDAI
The own-damage premium cover will be available throughout the year.
Third-party liability only cover will be available in this policy.
The premium of this project is less compared to other car insurance plans.
The policy tenure for pay as you drive is one year.
The premium depends on the distance travelled by your car i.e. up to 3000, 5000 & 7500 Km.
The telematics device is provided and installed by the insurer.
The general insurer is offering value-added benefits for safe driving in order to promote this plan.
You can do customization of your car insurance policy protection level by going for certain add-on covers.
Lesser the usage of your vehicle, lesser will be the insurance premium you pay.
A telematics device that continuously monitors the condition of the car and driving habits of the insured is installed by the insurer.
Discounts ranging from a minimum of 5% and up to 25% are offered by insurance companies on the ‘own damage’ insurance premium.
Note: The percentage of the discount on premiums may vary from insurance company to insurance company.
Edelweiss General Insurance SWITCH’s plan is a pay-as-you-drive driver-based car insurance plan. The plan gives you the option to switch your car insurance cover ON and OFF depending on the usage.
Up to 3 vehicles can be covered under a single premium paying plan
You can carry forward the unused premium amount
You can add or remove the number of vehicles in a single policy
Flexible policy term together with the sum insured
| COVERED | NOT COVERED |
|---|---|
| Road accidents in the vehicle | Any kind of damage or loss that has not been updated in the policy app |
| Any loss or theft | Driving your vehicle without a valid driving license |
| Damage incurred due to fire and explosion | Driving your vehicle under the influence of alcohol, drugs, or narcotics |
| Damage due to natural disasters and terrorism | Depreciation due to the normal wear and tear or mechanical breakdown |
This type of car insurance provides coverage to third party life and property and does not cover the insured vehicle
This type of car insurance provides coverage to your vehicle as well as third party and property
This type of insurance provides coverage for your car’s damages and losses including events caused due to man made, natural calamities, and theft.
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