Mumbai: ICICI Lombard General Insurance Launched a motor insurance cover where the premium will depend on the quantity and quality of driving. The company has also introduced a motor floater cover which provides the benefit of combining all the vehicles owned by the proposer into a single policy.

The motor floater offer to its customers is in line with the recent announcement by regulator IRDA. This will enable individuals who own multiple vehicles, to ensure that their vehicles, including cars and two-wheelers, are under one policy with the same renewal date and a comprehensive cover.

Pay-as-you-use and pay-as-you-use plans use telematics to analyze the extent and manner in which the insured uses the vehicle. The company will allow customers to choose from various ‘kilometer plans’ based on usage. The customer will only pay as much as they use the vehicle. Under a pay-how-you-use plan, the premium will change as per the driving behavior of the insured, with cautious driving costing less premium.

According to ICICI Lombard Executive Director Sanjeev Mantri, Policies will go a long way in ensuring additional transparency and convenience for the end customer as these add-ons will give them an idea of ​​coverage and encourage both good driving and distance driving with low premiums.