Mumbai: Go Digit General Insurance is the first insurer to offer.pay as drive‘ (PAYD) Add-on facility for Motor Insurance own loss (OD) policies. The company has announced this cover less than two weeks after the insurance regulator gave its nod. payment Convenience in motor cover.
Any person driving an average of less than 10,000 kms annually from the time of purchase by the current owner from the showroom can opt for the cover. Discount, which can go up to 25%, will be subject to odometer reading, telematics data And the annual kilometer was chosen.
Customers can complete the entire process within five minutes using video preview and get the policy in less than 30 minutes.
This will benefit those whose cars are used frequently but have to pay the same premium as a heavy use driver. The company sees a market for this cover in metro and tier-1 cities, where many car owners use public vehicles or on-demand cabs on their own vehicles for daily commute. People with multiple cars and retirees who drive less will benefit from this.
“The company’s customer-first approach and technical agility have enabled us to launch this facility in record time. This usage-based add-on has been launched initially with a 10,000 km-cap so that maximum number of people can avail the insurance in a cost-effective manner. This will also be available through our partner distribution network, which also contributes to the majority of our motor business in Tier-2, -3 and -4 cities. points insurance Head (Motor Products & Actuaries) Kunal Jha,
Digit has a 4.5% market share in the motor segment with Rs 3,276 crore in gross written premium from its motor business in FY22. This registered a year-on-year growth of 34.6% in the motor segment as compared to industry growth of 3%. The company offers cashless repairs in over 6,000 network garages across India and the claim settlement ratio for private cars stood at 98.2% in FY22.