- Under IRDA, businesses must keep pace with the changing needs of policyholders.
- Regulators also allow “curated” policies for multiple vehicles from the same owner.
- Single vehicle cars insurance plan that covers multiple vehicles.
You Will Decide The Best Vehicle Cars Insurance Premium Of Your Bike-Car, Approval From IRDA
Telematics is used in auto insurance to monitor “driving” related data, understand driving patterns and determine Vehicle insurance online premiums.
Soon you will be able to decide about your cars insurance. In fact, the reinsurances Regulatory and Development Authority (IRDA) has allowed reinsurances companies to introduce telematics-based Vehicle bike insurance policies. Hence, the cars insurance premium depends on how you use or drive your vehicle. This means that if you drive unsafely and cover long distances, you will have to pay less for insurance. It’s all in your hands. Safe driving can lower your vehicle insurance premiums.
Change will happen like this
Telematics is used in auto insurance to monitor “driving” related data, understand driving patterns and determine insurance premiums. IRDA requires insurance to keep up with and adapt to the changing needs of policyholders. IRDA has taken steps to promote technology based insurance coverage. Based on this, regulators have allowed general insurers to offer “automatic damage” (OD), a technology-driven concept of damage vehicles insurance for vehicles.
The policyholder has more rights
Pay-as-you-go and pay-as-you-go car, bikes insurance models. It allows policyholders to customize their vehicles insurance policies up to the limit. It helps in reducing the insurance premium. Pay-as-you-drive is a comprehensive car plan where the premium varies based on the use of your vehicle, and the pay-as-you-drive premium varies based on the way you drive. Regulators also allow “floating” policies for multiple vehicles of the same owner. It is a single conveyance Bikes insurance plan that covers multiple conveyance.