Tata AIG Launches Usage-Based Auto Insurance Policy to Help Homeowners Save on Premiums

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Tata AIG Launches Usage-Based Auto Insurance Policy to Help Homeowners Save on Premiums

When the coronavirus pandemic knocked on our doors, we didn’t know how much our lives were going to change. But the change has taken place and we have also adapted to this change. Take auto insurance, for example; our vehicles have been parked for a few months now, which basically means we’ve paid extra for auto insurance. Indeed, there has been a demand for usage-based auto insurance and companies are starting to listen, like Tata AIG, which has launched an auto insurance policy based on the occasion. What makes the policy unique is that it integrates a telematics-based app and device. Dubbed AutoSafe, the app allows car owners to save on premiums by opting for a policy based on the number of kilometers driven.

The company explained that AutoSafe also encourages safe driving and serves as an anti-theft device because it is equipped with GPS tracking functionality.

How does Tata AIG AutoSafe work?

The app tracks the distance traveled by the vehicle as well as other parameters, such as real-time speed and other driving factors. And if the policyholder is a good driver, that is, he has a safe driving behavior, he will be offered additional kilometers at the time of renewal.

– As mentioned above, the GPS-enabled AutoSafe device and mobile app track distance traveled and generate reports on vehicle condition and driving habits

– The telematics device is installed and linked to the car when the automobile insurance contract becomes active and the insured must keep it for the duration of the contract

– The information collected is then evaluated over time and each driver and insured is awarded points based on his performance

– The device monitors aspects such as acceleration, hard braking and night driving, among others. In addition to that, it also generates fuel economy reports

Parag Ved, Executive Vice President and Head- Consumer Lines, Tata AIG General Insurance, said, “At Tata AIG, we have always persisted in our approach to provide customers with innovative and practical solutions. solutions, insurance will evolve to become more intuitive and responsive to customer needs. We work meticulously to find new ways to improve the experience of our valued customers. The value proposition is based on value added services, personalized advice based on driving behavior and reward. Technological innovations can change the insurance paradigm, the days of using a “one size fits all” approach are over. It’s time for personalized insurance products. The move to pay-as-you-go insurance makes sense in these uncertain times when unnecessary travel is discouraged, and organizations and employees are discovering the benefits of working from home. “

The new usage-based auto insurance policy is available on all policies with personal accidental coverage of ₹ 15 lakh for owner and driver. The insured will be able to choose between 2,500 kilometers, 5,000 kilometers, 7,500 kilometers, 10,000 kilometers, 15,000 kilometers and 20,000 kilometers. And if you use up all of your kilometers during the term of the contract, you will be able to purchase additional kilometers. Charging options will include 500 kilometers, 1,000 kilometers and 1,500 kilometers. In addition to this, the policy also includes other features such as reimbursement of depreciation, daily allowance, bonus protection coverage without loss, etc.


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