CURRENT AFFAIRS

Detailed explanation-1: -NEW DELHI: HDFC ERGO General Insurance Company has launched ‘Pay As You Drive – Kilometre Benefit’ add-on cover for its vehicle insurance customers. Subscribers driving less than 10,000 km a year can avail a benefit of up to 25% of own damage premium, subject to the odometer reading.

Detailed explanation-2: -Q. Which is the first insurance company to launch ‘Pay as you drive’ feature for motor insurance? Notes: Go Digit General Insurance has launched ‘Pay as you Drive’ (PAYD) add-on feature for motor insurance Own Damage (OD) policies.

Detailed explanation-3: -New India Assurance (NIA) has launched a ‘Pay as You Drive’ (PAYD) policy, which offers a comprehensive motor insurance policy that charges a premium based on the usage of the vehicle.

Detailed explanation-4: -Add–on plans are designed to offer insurance coverage to damages other than what the basic motor insurance covers. They help in getting an extensive cover for the damages caused and the cost of the repairs.

Detailed explanation-5: -HDFC says that private car owners are clocking fewer kilometres on their cars in the post-pandemic era. The ‘Pay As You Drive - Kilometre Benefit’ feature will come in handy for customers who prefer to drive less or own multiple cars.