This Insurance Company Has Launched Pay As You Drive Policy; Know How it Works

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A few days after the Indian Insurance and Insurance Development Authority (IRDAI) allows general insurance companies to issue concepts that support certain technology for motor damage (OD), Go Digit General Insurance supported by Indian Criket players Virat Kohli is launched ‘Salary when you are driving ‘(PAYD) ADD-On feature for Motorcycle Insurance Damage (OD) policy. This company has become one of India’s first insurance company that introduces additional customers.

The announcement came on July 18, which less than two weeks of the IRDAI regulatory agency enables general insurance companies to introduce the concepts activated by technology in the OD Motor policy.

Less driving customers will now pay less with this Addon, Go Digit said in a press release on July 18. This means that the discount will apply to anyone who drove less than 10,000 kilometers per year on average from the time of being bought by the current owner from the showroom.

How does digit pay when you push the insurance work?

The digit will use the reading of the odometer, telematics data, and the annual kilometer choose to give this discount, which can increase as high as 25 percent. Digit customers will be able to complete the process within five minutes using pre-inspection of video that support technology and complete the entire policy issuance process in less than 30 minutes, the company said.

Who will benefit?

This is very useful for people who do not drive their car regularly but still pay the same premium as a driver with heavy use, the insurance company said. This trend is seen among many residents of Metro and Tier-i City, where they use public transportation or taxis according to their own vehicle requests for daily trips. People with many vehicles and retired people with a little need for their cars, will also benefit from this.

Speaking of the launch, Kunal Jha, the head of motorcycle and actuarial products in the Digit Insurance, said, “Digit is proud to be the bearer of the ‘Pay As You Drive’ flag in this country. The company’s customer approaches and technological dexterity have allowed us to launch features in the record time. This use-based add-on was launched in the beginning with 10,000 km-ground so that the maximum person could use insurance in a cost-effective way. This will also be available through our partner distribution network, which contributes to most of our motorcycle businesses in all cities of Tier II, III and IV as well. “

Digit has obtained a 4.5 percent market share in the motorcycle segment and records 3,276 crore hospitals in a dirty written premium from its motorcycle business in FY22. This registered a growth of 34.6 percent yoy in the motor segment compared to industrial growth of 3%. The company today offers repairs without cash in more than 6,000 network garages throughout India and has a 98.2 percent claim resolution ratio for private cars in FY22, Digit said in a press release.