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- Km Driven Motor Insurance: ‘Pay as you Drive’ by Bharti AXA General Insurance
Km Driven Motor Insurance: ‘Pay as you Drive’ by Bharti AXA General Insurance
Bharti AXA General Insurance has tied up with PolicyBazaar.com for its usage-based motor insurance policy for the private car owners in India. ‘Pay as you drive’ has been launched under the sandbox project by the Insurance Regulatory Development Authority of India (IRDAI).
This usage-based motor insurance is also called as ‘pay as you drive’, and it allows the policyholders to pay the motor insurance premium based in the kilometres driven.
How Does ‘Pay as You Drive’ Works?
As this is a usage-based motor insurance, therefore the customer declares the vehicle used in the coming one year. And the premium is calculated by the distance that is declared in km. The applicants can choose from the following three slabs to declare the km:
- 2,500 km
- 5,000 km
- 7,500 km as per the usage
Who Should Buy ‘Pay as You Drive’ Motor Insurance Policy?
Bharti AXA Insurance shared this proposal with IRDAI for their sandbox project and have got approval for the same. And the policy is designed especially for people who drive less.
Simply put, ‘ Pay as you drive’ would work well for people who have multiple cars and do not use all of them often. With this policy, they will be able to save themselves from paying unnecessary huge amount premium. So, if you do not use your personal vehicle regularly, then you can consider ‘Pay as You Drive’ car insurance policy.
How to Buy ‘Pay as You Drive’ Motor Insurance Policy?
Pay as You Drive’ motor insurance policy can be easily purchased in three simple steps online from Policy Bazaar’s website in the following manner:
- Select the kilometre slab that is suitable as per your vehicle usage pattern
- Share your KYC details, odometer reading, and customer consent form as required
- And the premium for own damage cover will be derived based on the pre-declared slab by the applicant
The policy issued will provide standard motor own damage for one year.
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