Money & Banking

Edelweiss General Insurance launches pay as you go Motor OD floater policy

Our Bureau Mumbai | Updated on May 21, 2020

Edelweiss General Insurance has launched an app based Motor Own Damage floater policy under the regulatory sandbox of IRDAI.

Called Edelweiss SWITCH, it is a driver-based motor insurance policy, which allows vehicle owners to SWITCH their motor insurance on and off, based on usage and covers multiple vehicles under a single policy.

“It is driver-based insurance, where the insurance is calculated on the age and experience of the driver. Edelweiss SWITCH uses a pay-as-you-use model that allows the customer to pay the premium only on the days they use the vehicle, offering significant cost savings and convenience,” it said in a statement on Thursday.

While the policy covers accidental damage when it is switched on, vehicles will be covered 24x7 against fire and theft, even if the policy is switched off at that time.

“This driver based insurance will mean lower premiums for policyholders, as they will only pay as per usage. In addition to this, being able to cover multiple vehicles under one policy will add to the savings, especially for those customers who own multiple vehicles,” said Shanai Ghosh, ED and CEO, Edelweiss General Insurance.

Published on May 21, 2020

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