Yes you heard it right. The motor insurance policy SWITCH by Edelweiss General insurance is an App-based policy that allows the user to switch it on or off depending upon the real time usage of the car. Lets say you use your car Monday through Friday and keep it garaged on the weekends, then by using this policy, you can switch off your cars coverage for the weekends thereby making savings in the long run.
The policy is driver-based too, which means that the coverage and the premium is calculated on the basis of the drivers age and driving experience in years. It covers the insured car against accidental damage, loss/ theft, fire, natural calamities and terrorism. But even the policy is switched off say during the weekends like I mentioned earlier, it is still protected against Fire, Theft and Natural Calamities.
The company claims that the policy is just the engine of your car that can switched on and off any time via the app. The app itself seems to be pretty robust with features like dialing roadside assistance, filing claim forms quickly and also getting in touch with a customer care assistant.
I could see from the online premium calculator that I need to pay about Rs. 12,000 for an year. This is significantly cheaper compared to what I pay as a lump sum for an year now. I could add up to 3 drivers for my car, remove remove vehicles or drivers and even carry forward unused premiums via the App.
Well, there is a rather long Policy Wordings document attached in the website for reference and there are some rather vague terminologies too. But this move by an insurance company is certainly welcome. Insuring the driver is a practice that is followed in most western countries and its interesting to see how we will accept the same here.
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