Скачать или смотреть How To Reduce Your Car Insurance using Pay As You Go Car Insurance Policy?

Is the kilometre usage of your car lesser as don't drive very often? Understand how to reduce your car insurance using pay as you go or pay as you use policy type that is newly introduced in India now. You can save money every year on the car insurance premium using pay as you go or pay as you use policy.

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0:00 how to reduce your car insurance
1:18 pay as you go car insurance
1:42 how to calculate sum assured in insurance
2:15 how is insurance premium calculated
2:51 auto insurance coverage
3:45 car insurance benefits
4:33 how to apply car insurance online - icici lombard car insurance

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how to reduce your car insurance
The 'Pay As You Use' car insurance is a part of the sandbox initiative, where insurers can experiment and test innovative financial products. The sandbox approach gives an opportunity to experiment and learn about new technology and product, before it’s finally adopted and offered to larger set of people. The insurance company that has rolled out 'Pay As You Use' car insurance policy is ICICI Lombard General Insurance.

pay as you go car insurance
This is a new type of car insurance where the premium is calculated based how much distance you drive your car. For an insurance company, the if the car is driven for lesser kilometers, then the risk is accordingly lesser. Hence they are ready to give a discount for such users. The premiums are charged as per the distance in kilometers.

how to calculate sum assured in insurance
• Every vehicle has an IDV - Insured Declared Value, fixed by the insurer based on the brand, model and age of the vehicle. It may be approximately equivalent to the market value of the vehicle.
• For example, let us consider you own a car. There will be a market value for your car as per the model, age of the car, etc. IDV is approximately equivalent to the market value.
• Hence if the market value of your car is 500000, then the sum insured that you will get on the insurance is Rs. 500000.

how is insurance premium calculated
• Insurance premium for a sum insured is based on the Kilometers Plan that you select.
• You may select for example 3000, 5000 or 7500 Km as the distance to be covered based on your usage expectation. The premium will be fixed as per your selected kilometers plan.
• So if you think you will only drive 3000 Km in a year, then you may select the plan accordingly and the insurance premium will be far lesser than the regular premium. But you will get the same sum assured as per the IDV.

car insurance benefits
• You will Pay low premiums if your usage is less. That is if you drive for only few kilometers in a year, then you pay far lesser premium amount than the regular car insurance.
• A Free telematics device is provided to you to track your car's health and your driving patterns. The insurance company will help in installing this telematics device to your car.
• A telematics mobile app can be installed in your mobile, so that you can track your car's health, kilometers used up in the plan and also you have options to top up, etc.
• If you exceed the kilometers selected, then you can easily topup by paying additional premium again for whatever kilometers you select.
• The telematics device also sends data to your insurer so that they can send reminders when top up is required.

how to apply car insurance online - icici lombard car insurance
The 'Pay As You Use' policy will definitely save you a lot of money on your car insurance if your usage is less. Give it a try when you apply or renew your car insurance next time.


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