The new car insurance scheme allows you to pay premiums only when you drive; How it works

Edelweiss General Insurance (EGI) has launched SWITCH, a first-of-its-kind, on-demand, mobile telematics-based comprehensive car insurance for customers who want their car insurance plans to be hassle-free. Launched as part of IRDAI’s Sandbox programme, SWITCH is fully digital and a cost-effective option for those who drive well. Car insurance is subscription-based, which means customers can pay the premium monthly based on usage.

SWITCH can be purchased online at www.edelweissinsurance.com. After purchase, customers can download the SWITCH app from Google Play Store and the iOS App Store to view their policy, Edelweiss General Insurance said in a press release Monday. “The app detects movement and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for customers,” he said.

The unique nature of SWITCH car insurance saves customers money if they drive well. “This usage-based model not only measures the quantity but also the quality of driving and calculates the premium accordingly. This makes SWITCH unmatched in the market as the only car insurance product that generates a real-time driving score and dynamically assesses the premium,” Edelweiss said in the press release.

Customers are assigned a driving score based on several driving parameters such as speeding, distracted driving, hard braking, etc. So the better you drive, the better your score will be and the less you will have to pay. In addition, policyholders will no longer need to activate the policy if they use their car as the app will do this automatically for them.

The entire product lifecycle is digital, from purchase to claim notification, claim settlement, customer service, and more, providing a seamless customer experience. The policy also allows customers to pay premiums in monthly installments after the initial premium is paid to activate the policy, making it convenient for them.

While the policy covers accidental damage in motion and on, the vehicle will be covered 24/7 against fire and theft, as these incidents can occur even if the vehicle is not being driven. , Edelweiss said in the statement. “Customers can also opt for and benefit from several additional coverages such as depreciation protection, engine protection, NCB protection, roadside assistance and more, such as those offered with an Edelweiss car insurance policy. regular,” he said.

Speaking of the policy, Shanai Ghosh, Executive Director of Edelweiss General Insurance and CEI, said: “SWITCH has been designed with the changing driving preferences of today’s discerning customers in mind. Our attempt is to encourage good behavior and ensure that customers pay only as they are used. It’s the only on-demand automotive product in the country that puts total control in the hands of customers. Only pay for how much you drive and how hard you drive. “Drive less, pay less; Drive better, pay less” is SWITCH’s raison d’être. With this, we also hope to encourage people to drive better and safer.

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