ICICI Lombard, a general insurance company, has launched innovative motor insurance solutions aimed at further enriching the end-customer experience. The Motor Floater offer for its customers is in line with IRDAI’s recent announcement. It will enable those individuals owning multiple vehicles to ensure their vehicles, including cars and two-wheelers, under one policy with a single renewal date and a comprehensive cover.
Customers opting for Motor Floater will be provided a lower premium for their multiple vehicles insured under the offer. Overall, it will save customers’ efforts of maintaining multiple motor insurance policies for each vehicle owned by them.
Furthermore, telematics add-ons are offered to convert the base motor product into an asset cum usage-based product. Customers can opt for different plans like:
Pay-As-You-Use (PAYU): Under this plan, customers would be provided the flexibility to choose from different “Kilometers” depending on usage. Hence premium of the policy would be limited only to the extent the vehicle is used or estimated to be used by the customer.
Pay-How-You-Use (PHYU): Under this plan, premium charged would change as per the driving behaviour score. A customer with good driving behaviour can avail attractive discounts over the base premium of the policy.
Sanjeev Mantri, Executive Director said, “With these offerings from IL, customers can now maintain a single policy that will provide uniform coverage to all the vehicles owned by them. Similarly, Pay-How-You-Use and Pay-As-You-Use would go a long way in ensuring additional transparency and convenience for the end customer as these add-ons would precisely give them an idea of the coverage and incentivize both good driving and distance run with lower premiums.”
