Your driving skills can now decide your car insurance premium.Bajaj Allianz General Insurance today launched the country's first telematics service for private car insurance policyholders.
Your driving skills can now decide your car insurance premium.
Bajaj Allianz General Insurance today launched the country's first telematics service for private car insurance policyholders.
In telematics insurance, a device is fitted inside the vehicle which gives feedback on an individual's driving behaviour. A good driving record can bring benefits such as a lower premium or discounts on a policy.
Called "Drive Smart", the facility will be available to individuals who purchase the company's motor insurance package or when they renew their policies.
The device will be delivered within a fortnight of purchasing the policy.
Drivers will receive real-time alerts and feedback on their driving habits after downloading the company's mobile app, Insurance Wallet, from Playstore or iOS or through the company's web portal.
The service will be available for cars which support OBD II (on-board diagnostics) port, primarily in models manufactured after 2010.
"At present, there is no distinction between a good and a bad driver. The pricing mechanism is based on the vehicle's make, model and and year of manufacture. Over the years, those who drive safely have been compensating for the ones who do not drive appropriately.
We believe in offering fair and transparent services that allow us to empower our customers when it comes to their premium outgo based on their good behaviour," TapanSinghel, managing director & CEO of Bajaj Allianz General Insurance, said here today.
Some of the features of the offer include road side assistance, driving summary of the week, engine/battery health indicator, over-speeding alert and rash acceleration alert.
The device will be valid for three years, subject to the condition that the individual renews the policy for three years with the add-on features.
If a person migrates to some other insurer before three years, the device will have to be returned.
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