Usage-based Tata AIG AutoSafe car insurance policy launched in India
Tata AIG General Insurance, an Indian general insurer, has introduced Tata AIG AutoSafe, a usage-based car insurance policy which lets policyholders pay insurance premium only for the kilometers they drive.
The Tata AIG AutoSafe pay-as-you-drive solution has been rolled out under the IRDAI Regulatory Sandbox. It comes with a new telematics-based app and device called AutoSafe.
According to Tata AIG General Insurance, AutoSafe enables policyholders to save on premiums by picking the kilometers they will be driving besides working as an anti-theft device.
The AutoSafe app tracks the distance traveled by cars and their speeds among other driving pattern parameters. It also gives bonus kilometers for good driving behavior during the renewal of the car insurance policy.
Policyholders have to connect the telematics device or app to their car and leave it like that during the policy period.
Tata AIG AutoSafe is offering personal accidental cover up to Rs 15 lakhs for owner and driver.
The new car insurance policy from Tata AIG General Insurance brings other value-added propositions like depreciation reimbursement, daily allowance, and also no claim bonus protection cover.
Policyholders have the choice between 2,500km, 5,000km, 7500km, 10,000km, 15,000km, and 20,000km traveling distance and when the insured kilometers exhaust within the policy period, they can purchase additional kilometers by selecting between the 500km, 1000km, and 1,500km options.
Commenting on the Tata AIG AutoSafe car insurance policy, Parag Ved – Executive Vice President & Head – Consumer Lines at Tata AIG General Insurance said: “With the regulatory sandbox permitting telematics-based solutions, insurance will evolve to become more intuitive and responsive to the customer’s needs. We are meticulously working to arrive at new ways to enhance the experience of our valued customers. The value proposition is based on value-added services, personalized advice based on driving behavior and the reward.
“Technology innovations can change the insurance paradigm, gone are the days when it used to ‘one size fits all’ approach. It is time for personalized insurance products.”