The Insurance Regulatory and Development Authority of India (IRDAI) on October 07, 2022, in a press release issued that it has permitted general insurance companies to introduce tech-enabled concepts for the Motor Own Damage (OD) cover.
The following are the tech-enabled concepts for the Motor Own Damage (OD) cover-
1. Pay as You Drive
2. Pay How You Drive
3. Floater policy for vehicles belonging to the same individual owner for two-wheelers and private cars
The above-mentioned covers will be provided as add-ons to the basic policy of Motor OD.
The introduction of the above options will aid in giving the much-needed fillip to Motor OD Insurance in the country and increase its penetration.
