Your driving will decide motor cover premium

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Your driving will decide motor cover premium
For The First Time In India, Baiaj Allianz
Introduces Telematics To Price Motor
Insurance Times News Network Mumbai A device
that captures all your driving behaviour, right
from how fast you go to when you apply brakes,
will now help decide the cost of your motor
insurance. For the first time in India, a private
insurer has introduced telemetric the
technology of long-distance transmission of
information to price motor insurance. The
device, which plugs into the car's on-board
diagnostics (OBD), relays information on quality
of driving and usage of cars to the insurance
company, which uses the data to price the policy
at the time of renewal.
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Currently, four factors determine pricing of
a vehicle insurance  its make, model, year of
manufacture and location. Bajaj Allianz General
Insurance has introduced Drive Smarta policy
which, at the time of renewal, will price
insurance based on usage. The device and service
is available for free to anyone who buys Bajaj
Allianz's car insurance with the add-on
covers. Vijay Kumar, president (motor
insurance) at Bajaj Allianz, said, "The device
will work on every car that has been manufactured
after 2010 as all vehicles since then are
OBD2-compliant." The Bha-rat Stage IV norms,
which prescribe standards for car emissions, also
include a mandate on on-board diagnostics.
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• The device connects the car to an app on the
  owner's smart phone and recognizes when the
  driver is over-accelerating or braking suddenly,
  or if there is a sudden impact.
• While the telematics helps the Insurance company
  in gathering data, it provides car owners a host
  of benefits which until now required a separate
  payment of a few thousand rupees. For instance,
  the driver can request roadside assistance by
  tapping a button on the app in the event of an
  accident.
• The owner can also set up notifications for
  every time the vehicle breaches a speed limit or
  goes outside a 'geo-fen-ced' area in the map. The
  owner can also share live and static location
  of the car with friends. According to Singhel,

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The technology will also enable the company to
come out with a 'pay as you go' auto insurance
plan where the individual is charged according
to how much he uses the vehicle. The
add-on covers include round the clock roadside
assistance, accident insurance, key and lock
replacement cover and personal baggage cover.
The add-on covers cost roughly 50 of the basic
insurance. For instance, if the standard 'all
risk' cover on a Honda City is around Rs 9,000,
the policy with add-on rates would cost around Rs
14,000.
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http//www.bajajallianz.com/Corp/motor-insurance/c
ar-insurance.jsp
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