Getty ImagesEdelweiss General Insurance has launched an app-based motor insurance own damage (OD) floater policy – Edelweiss SWITCH. This is a driver-based motor insurance policy launched under IRDAI’s sandbox regulations.
According to an Edelweiss General Insurance press release, vehicle owners are allowed to switch their motor insurance policy cover on or off depending on the use of the vehicles. Multiple vehicles can be covered under a single policy.
Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, “Edelweiss SWITCH has been developed with the specific needs of today’s customer in mind, where you may not use your vehicle regularly or may choose to alternate between your car and two-wheeler. This Driver Based Insurance will mean lower premiums for policyholders, as they will only pay as per usage. In addition to this, being able to cover multiple vehicles under one policy will add to the savings, especially for those customers who own multiple vehicles.”
Policy framework
According to the release, the regulator has given approval for products under the “Pay as you use” model. The “Pay as you use” model is expected to change the erstwhile industry standard of determining premium for Motor OD (by age, make and model of the vehicle), to premiums based on usage and driving experience.
This is a floater policy where policyholder can get up to three vehicles insured under one policy. The policy will be issued for one year.
How will this policy benefit you?
It is driver-based insurance, where the insurance is calculated on the age and experience of the driver. Edelweiss SWITCH uses a pay-as-you-use model that allows the customer to pay the premium only on the days they use the vehicle, offering significant cost savings and convenience, as per the release.
You can use the app to SWITCH their policy cover 'ON' and 'OFF', depending on whether you are driving that day.
Vehicles will be covered 24/7/365 against fire and theft
While the policy covers accidental damage when it is switched on, vehicles will be covered 24/7/365 against fire and theft, even if the policy is switched off at that time, since these incidents can happen even if the vehicle is not being driven, as per the release.
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According to an Edelweiss General Insurance press release, vehicle owners are allowed to switch their motor insurance policy cover on or off depending on the use of the vehicles. Multiple vehicles can be covered under a single policy.
Shanai Ghosh, ED & CEO, Edelweiss General Insurance, said, “Edelweiss SWITCH has been developed with the specific needs of today’s customer in mind, where you may not use your vehicle regularly or may choose to alternate between your car and two-wheeler. This Driver Based Insurance will mean lower premiums for policyholders, as they will only pay as per usage. In addition to this, being able to cover multiple vehicles under one policy will add to the savings, especially for those customers who own multiple vehicles.”
Policy framework
According to the release, the regulator has given approval for products under the “Pay as you use” model. The “Pay as you use” model is expected to change the erstwhile industry standard of determining premium for Motor OD (by age, make and model of the vehicle), to premiums based on usage and driving experience.
This is a floater policy where policyholder can get up to three vehicles insured under one policy. The policy will be issued for one year.
How will this policy benefit you?
It is driver-based insurance, where the insurance is calculated on the age and experience of the driver. Edelweiss SWITCH uses a pay-as-you-use model that allows the customer to pay the premium only on the days they use the vehicle, offering significant cost savings and convenience, as per the release.
You can use the app to SWITCH their policy cover 'ON' and 'OFF', depending on whether you are driving that day.
Vehicles will be covered 24/7/365 against fire and theft
While the policy covers accidental damage when it is switched on, vehicles will be covered 24/7/365 against fire and theft, even if the policy is switched off at that time, since these incidents can happen even if the vehicle is not being driven, as per the release.
Click here to download ET Online’s guide to everything personal finance in the times of Covid-19
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