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Pay As You Drive Policy by New India Assurance is a newly launched motor insurance policy in India. This policy uses a unique approach to premium calculation assisting policyholders to pay only for the kilometers driven by their vehicle during the policy tenure. Making it an ideal choice for persons who are looking out for a motor insurance policy at an affordable premium.
This article will talk about the following:
Pay As You Drive is a recently launched innovative car insurance policy by New India Assurance. This is a comprehensive motor insurance policy designed to calculate the premium based on the usage of the vehicle.
The policyholder will be requested to declare the current odometer reading of their vehicle on buying the policy. The policyholder will also be requested to provide an estimation of kilometers they expect to drive during the policy period. Based on this information, policyholders can choose their preferred slab of options offered in the policy.
The policyholder’s can choose to opt for the following options provided under this policy: Up to 4,000 kilometers, Up to 6,000 kilometers, Up to 8,000 kilometers, Up to 10,000 kilometers.
In the case the policyholder has driven the vehicle more than the selected number of kilometers the policy will still continue to provide coverage. Although at the time of policy renewal, the policyholder will be entitled to a discount calculated based on the actual kilometers completed.
Now let us talk about the coverage under this policy. This policy offers three types of coverage options to choose from:
Below are a few benefits offered under the policy:
This policy comes in two kinds of variants: Basic Cover and Gold Cover.
The insurance company will provide financial assistance in case of:
Under this cover, in addition to the basic cover, the company will also provide financial assistance in the case of wrong fueling, cab assistance.
Following are the general exclusions under the policy:
Policyholders can choose to opt for an add on cover with their base policy to enhance their coverage and avail of maximum protection. Some of the available add on covers are as follows:
Follow these simple steps to file a claim under the policy:
This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.
Frequently Asked Questions
The following options are available to choose from:
No, the policy will still be active until the end of its tenure. However, the discount will be calculated on the basis of the actual kilometers completed by the vehicle.
This policy is currently available for private vehicles.