New India Assurance launches ‘pay as you drive’ coverage: Know particulars

New Delhi: New India Assurance (NIA) has launched a ‘Pay as You Drive’ (PAYD) coverage, which provides a complete motor insurance coverage coverage that fees premium primarily based on the utilization of auto. The coverage has two parts – third-party cowl and own-damage cowl.

Key options:

* The buyer can lower your expenses on renewal premium by availing the relevant low cost if the car has not run past a specified variety of kilometres. The low cost will likely be utilized on primary personal harm premium.

* If the car has been pushed past the kilometre threshold restrict, the protection continues for the coverage’s remaining period. Customers can nonetheless avail a reduction on the renewal, albeit at a decrease relevant vary.

* The coverage may be enhanced by together with different add-ons, reminiscent of Nil Depreciation, Engine Protection, Return to Invoice, Road Side Assistance, and so forth. These will likely be out there on fee of further premium.

Neerja Kapur, chairman and managing director, mentioned, “Our PAYD coverage fulfils a long-standing demand of shoppers for easy and versatile merchandise that think about completely different utilization patterns. Our product is likely one of the few out there to assist the client handle his outflows in direction of car upkeep. We are assured that this product will herald a brand new age in car insurance coverage and promote higher compliance thereby decreasing the dangers related to uninsured and underinsured automobiles plying on the roads.”

Disclaimer: IRDAI urges potential prospects to review the phrases and situations rigorously earlier than making use of.

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