Indian private insurance company, Future Generali, is soon going to launch ‘pay-as-you drive’ model in motor insurance. In this model, the vehicle owner has to pay premium based on his driving performance and the mileage.
Now, driving safely and following traffic rules will be rewarded in the form of discounts in insurance premium for the motor vehicles.
The premium paid by bad drivers and those with high mileage will be higher than the one paid by good drivers and infrequent users of vehicles as these are more at risks. Also, those going on a long holiday would not have to have insurance for the whole year but only for the number of days they use the vehicle.
The company is preparing the pricing model for the product and is hoping to offer it to customers in three months time.
Its true that a good driving record helps a person to lower the cost of insurance policy. The plan that you have proposed ‘pay-as-you drive’ in this article is really nice and is of great help to those who used to drive very less.
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