Now you can save premium through usage based Motor Insurance - TATA AIG

Under the IRDAI Sandbox regulations guidelines, UBI or Usage-based Insurance is started for car owners. As it sounds, it is a personalized, customizable, and affordable solution to your needs. 

TATA AIG General Insurance Company has propelled a telematics-based application and gadget called AutoSafe. AutoSafe will be accessible on all arrangements offering individual coincidental front of Rs 15 lakh for the owner and driver; it will likewise offer extra kilometers for good driving conduct at the hour of the renewal of the policy. 

With the assistance of telematics, your engine insurance premium can be tweaked. In contrast to a customary engine insurance arrangement, you won't need to pay premium according to the car model and make which sometimes becomes huge, but it will be TELEMATICS or pay as you drive. 

Benefits of UBI(Usage-based Insurance) - 

1. The lesser you drive, the lower the premium will be. 

2. Roadside assistance can be provided given the fact that it uses GPS of your vehicle. 

3. It will be very useful in claiming if the vehicle is stolen. 

4. Insurers will know properly at which location the accident happened. 

5. Most beneficial for drivers who do leisure driving or don't drive much. 

What the Telematics device do?

As mentioned the device will continuously track all information related to the location and driving habits of the driver. Some added advantages it gives are that the motion sensor detects and generates fuel-saving reports. It also guards against fuel slippage and dangerous driving habits. 

The insured has to keep in check that the device is operating all the time throughout the policy period. 

What are the options under UBI (Usage-Based Insurance)?

Policyholders can pick between 2,500 kilometers, 5,000 kilometers, 7500 kilometers, 10,000 kilometers, 15,000 kilometers and 20,000 kilometers. Clients having depleted all the kilometers inside the arrangement time frame can purchase extra kilometers by settling on the top-up kilometers choice. They can pick between 500 kilometers, 1000 kilometers, and 1500 kilometers, along these lines, helping investment funds on cost dependent on utilization, according to the press release.

Policyholders will profit by the approach's adaptable kilometer-put together a bundle that empowers investment funds with respect to premiums contrasted with customary strategies.