New vehicle insurance rules 2022:The insurance benefits you get depends on how you drive the vehicle. Do you rarely drive or drive fast? If so, your auto insurance premium will also come down!
Depending on how you drive the vehicle, the insurance benefits will apply to you. Do you rarely drive or drive fast? – If yes to these questions, your auto insurance premium will be reduced!
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New vehicle insurance rules 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has come up with schemes related to motor insurance and driving. In this regard, IRDAI has allowed insurance companies to formulate ‘motor insurance packages’ following the concepts of ‘Pay as you drive’, ‘Pay how you drive’ and ‘Floater insurance’. If this is implemented, users will get various options in insurance.
Pay As You Drive
If the ‘Pay As You Drive’ option is used, the insured will have to detail how much the vehicle is used in a year. There will be an opportunity to pay the insurance premium based on usage. Estimate the number of kms they will drive in a year and pay the insurance premium accordingly. However, while making a claim, the insurance company will check whether the vehicle has been driven as per the driver.
Have to pay a premium according to the speed of the vehicle.
If ‘Pay How You Drive’ option is used, you have to pay a premium according to the speed of the vehicle. If you drive faster, you will have to pay a higher premium. It is helpful for those who move at a regular pace. It is not enough to simply declare, “I drive slowly,” while paying the premium. A device must be installed in the vehicle to prove it. Otherwise, claims may be rejected.
This can save insurance money
IRDAI has introduced the concept of ‘floater insurance’. This is a uniform premium scheme for those who own more than one two-wheeler or car or both. If a person owns a bike and a car, he will be able to insure both the vehicles at the same time. This can save insurance money.
(New vehicle insurance rules 2022)How to claim insurance?
The concepts introduced by IRDAI are beneficial to vehicle owners. Here the premium is decided based on the risk. However, there is confusion about how claims are made.
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