How To Reduce Your Car Insurance using Pay As You Go Car Driver Based Insurance Policy?

Do you know that you can switch off your car insurance when you are not using the car and save money on car insurance premium. Check out how to reduce your car insurance using pay as you go driver based car insurance policy.

__________________________________________________________________________
⌚TimeStamp
0:00 how to reduce your car insurance
1:08 pay as you go car insurance
2:25 how to calculate sum assured in insurance
4:37 how is insurance premium calculated
5:00 auto insurance coverage
5:54 car insurance benefits
7:14 how to apply car insurance online - edelweiss car insurance
8:36 edelweiss switch
__________________________________________________________________________
Subscribe: bit.ly/SaveAndInvestSmartly

how to reduce your car insurance
The 'Driver Based Insurance' is a part of the sandbox initiative, where insurers can experiment and test innovative financial products. The sandbox approach gives an opportunity to experiment and learn about new technology and product, before it’s finally adopted and offered to larger set of people. The insurance company that has rolled out 'Driver Based Insurance' is Edelweiss General Insurance.

pay as you go car insurance
This is a new type of car insurance that allow the car owner to switch their insurance on or off based on usage. For example, if you drive your car only during weekends, then you may switch on your insurance only on weekends and keep it off during other time as you may not use the car during that time anyway. You can do this switching easily through your mobile app provided by the insurer.
This policy can also be bought as a floater policy if you have multiple cars or bikes. For example, if you have 2 cars, and you use the smaller one during weekdays for your regular office commutation and you use the bigger car during weekends for your entire family travel, then you can cover both these cars under a single floater insurance policy. You can also switch on or off the insurance individually for each of these cars based on your usage.
That is, during weekdays, switch on the insurance for smaller car when you use that for regular office commutation. You can keep the insurance off on it during the weekends when you don't use it.
And now switch on the insurance for your bigger car during weekends and switch if off during weekdays. This way, you will be paying very less premium overall based on your usage.


how to calculate sum assured in insurance
• The premium is calculated based on the number of vehicles added to the floater policy and also the driver profile like age, experience in driving, etc.
• The premium component for Fire and Theft is charged for the full year, while the accidental damage premium is initially charged for 60 days. And for the remaining period of time, you can choose the premium payment frequency.

car insurance benefits
• You can save money on car insurance premium as you pay only for those days you use the car. Other days when you don't use the car, you don’t have to pay the premium as you would be switching off the insurance.
• If you own multiple cars, then you may buy a single floater policy with the driver based switching option. This will further reduce the insurance premium.
• A mobile app is provided by the insurer to easily switch on or off the insurance on your car whenever required.
• You may add or delete car from your policy anytime and premium will be adjusted accordingly.
• You can cover up to 2 cars in a single floater policy.
• If your usage is lesser than what you opted for, then the unused premium can be carried forward to next year.
• As you need to fill up proposal forms and do the documentation only once for all cars together in a single floater policy, you save a lot of time.
• There is no hassle of remembering multiple renewal dates. Just remember one date for renewing the policy in a year for all cars together.
• If you have to update some details in your policies like change of address, etc., you may do it in a single go for all cars together.
• All other regular motor insurance benefits like no claim bonus, cancellation, etc are also available on the motor floater policy.

edelweiss switch
The 'Driver based floater' policy will definitely save you money on your car insurance if you use your car only on certain days. Give it a try when you apply or renew your car insurance next time.

#saveandinvestsmartly #carinsurance #carinsuranceexplained #carinsuranceonline #bikeinsurance #bikeinsuranceclaim #autoinsurance #saveandinvestsmartly