This driver-based motor insurance policy, introduced under IRDAI’s Regulatory Sandbox, enables vehicle owners to SWITCH their motor insurance on and off, on the basis of the usage and it also covers multiple vehicles under a single policy.
Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, “At Edelweiss General Insurance, our focus has always been to create simple and innovative products that are relevant and provide tangible value to our customers. Edelweiss SWITCH has been developed with the specific needs of today’s customer in mind, where you may not use your vehicle regularly or may choose to alternate between your car and two-wheeler. This Driver Based Insurance will mean lower premiums for policyholders, as they will only pay as per usage. In addition to this, being able to cover multiple vehicles under one policy will add to the savings, especially for those customers who own multiple vehicles.”
The insurer mentions in its communiqué that IRDAI, the regulator, has given nod to the products under the “Pay as you use” model. The “Pay as you use” model is likely to change the present insurance industry standard of determining the premium for Motor OD (by age, make and model of the vehicle), to premiums on the basis of usage and driving experience.
This is a floater policy where policyholder can insure upto three vehicles under one policy. The policy will be issued for one year.