ICICI Lombard General Insurance has launched a motor insurance cover where the premium will depend on the quantity and quality of driving. The company has also introduced a motor floater cover that provides the advantage of adding all vehicles owned by the proposer in one policy.
The Motor Floater offer for its customers is in line with the recent announcement by regulator IRDAI. It will enable those individuals owning multiple vehicles to ensure their vehicles, including cars and two-wheelers, are under one policy with a single renewal date and a comprehensive cover.
The pay-as-you-use and pay-how-you-use plans use telematics to analyse the extent and manner in which the insured uses the vehicle. The company would allow customers to choose from different ‘kilometre plans’ depending on usage. The customer will pay only to the extent they use the vehicle. Under the pay-how-you-use plan, the premium would change according to the insured’s driving behaviour, with cautious driving incurring a lower premium.
According to ICICI Lombard executive director Sanjeev Mantri, the policies will go a long way in ensuring additional transparency and convenience for the end customer as these add-ons would precisely give them an idea of the coverage and incentivise both good driving and distance run with lower premiums.
