Car Insurance: Don't fall for the greedy offers, follow this trick and save huge money on car insurance..
Car Insurance Add-Ons: It is necessary to take car insurance to protect yourself and your car. Car insurance comes in the form of standardized plans. Hence, the driving needs and habits of a car owner can vary in terms of car insurance premiums. Many people travel by cab despite having their car. Now your car may hit the road only once a year but you still have to pay a hefty premium for car insurance. Therefore, before buying car insurance, it is very important to evaluate its premium and features.
Ashwini Dubey, Head - of Motor Insurance Renewals, Policybazaar.com says that motor insurance has become more customer-friendly in the last few years. Now, car owners have the option of choosing their insurance policy based on their usage. These add-ons also provide many benefits to the policyholders. You can save on your car insurance premium by opting for add-ons like Pay As You Drive, Pay As You Drive and Family Floater plans.
Pay As You Drive
The Pay As You Drive a model is a great option for those looking for car insurance. People having a car must consider buying it. PAYD i.e. Pay As You Drive was launched by the Insurance Regulatory and Development Authority of India (IRDAI) in 2020 as a regulatory sandbox policy during the pandemic. PAYD was launched in the market by the regulatory body as an add-on to help consumers save on premiums. Under this add-on, it is possible to base the premium after tracking the distance covered in kilometres with a tracking device or mobile app.
Pay How You Drive
The pay-as-you-drive model launched by IRDAI tracks the driving habits and profile of the vehicle owner. Based on this there is a discount on the premium as well as rewards for good driving. This add-on is a very beneficial add-on to maintain road safety. Under this add, any car driver (in the case of a self driving car) who follows the rules and drives carefully will have to pay a comparatively lower premium.