Your driving skills can now decide your auto insurance premium.
Posted on 09/27/16, 12:00 AM
Bombay, September 26: Your driving skills can now decide your auto insurance premium.
Bajaj Allianz General Insurance today launched the country’s first telematics service for private auto insurance policyholders.
In telematics insurance, a device is installed inside the vehicle which gives information about the driving behavior of an individual. A good driving record can provide benefits such as a lower premium or discounts on a policy.
Called “Drive Smart”, the device will be accessible to individuals who purchase the company’s auto insurance package or when they renew their policies.
The device will be delivered within fifteen days of the purchase of 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 that support the OBD II (on-board diagnostic) port, mainly in models manufactured after 2010.
“Right now there is no distinction between a good and a bad driver. The pricing mechanism is based on the make, model and year of manufacture of the vehicle. Over the years, those who drive safely have made up for those who don’t. drive appropriately. We believe in providing fair and transparent services that allow us to hold our clients accountable for their bonus spending based on their good behavior, ”said Tapan Singhel, Managing Director and CEO of Bajaj Allianz General today. Insurance.
Some of the features on offer include Roadside Assistance, Weekly Ride Summary, Engine / Battery Health Indicator, Overspeed Alert and Rush Acceleration Alert.
The device will be valid for three years, provided the individual renews the policy for three years with the additional features.
If a person migrates to another insurer within three years, the device must be returned.