Pay as You Drive

Pay as You Drive policy is a form of car insurance that offers complete protection and at the same time is lighter on the pocket due to a lower premium. The premium under this plan is charged based on the kilometres driven by you. This policy will offer you the benefits like own damage cover, and third party liability cover coupled with a discount on your own-damage premium depending on the slabs of the kilometres travelled.

Insurance Regulatory and Development Authority of India (IRDAI) in collaboration with various insurance companies have come up with a pilot project known as Pay as You Drive policy. Under this policy, private car owners will be offered a usage-based motor insurance policy.

Here are some most attractive features of Pay as You Drive car insurance:

• It is a pilot project introduced by IRDAI
• The own-damage premium cover will be available throughout the year.
• Third-party liability only cover
• The premium of this project is less compared to other car insurance plans
• The policy tenure is one year
• The premium depends on the distance travelled by your car (kilometres based package) 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.

Pay as You Drive car insurance provides several advantages that cannot be ignored. Listed below are the benefits of Pay as You Drive car insurance:

• 1. Custom Protection – You can customize your car insurance protection level by opting for add-on covers.
• 2. Reduced Premiums - Lesser the use of your car lesser will be the premium you pay.
• 3. No Installation Charges of Telematics Device – A telematics device that continuously monitors the condition of the car and driving habits of the insured is installed by the insurer.
• 4. Discounts - Discount 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.

Note: The percentage of the discount on premiums may vary from insurance company to insurance company.

Edelweiss General Insurance SWITCH

Edelweiss General Insurance SWITCH is a driver based pay-as-you-drive car insurance plan. The plan gives you the option to switch your car insurance cover ON and OFF depending on the usage.

Key Features:

• 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