On 21st May 2020, Edelweiss General Insurance launched ‘Edelweiss SWITCH’, an app-based motor insurance own damage (OD) floater policy under IRDAI’s sandbox regulations. This driver-based motor insurance allows the owners of the vehicles to cover multiple vehicles under a single policy.
i.Edelweiss SWITCH is approved under the ‘Pay as you use’ model, expected to change the standard of determining the premium of Motor OD based on the age, make and model of vehicle to usage of vehicle and experience of driver
ii.Edelweiss SWITCH ON allows the user to switch their policy cover based on the usage of their vehicles allowing the user to pay the premier on the days when they use the vehicle and the policy also covers accidental damage, 24/7/365 against fire and theft even when the policy is switched off, since these can happen even when the vehicle is not being driven.
iii.The policy holder can cover three vehicles in a single policy for one year. The policy holders can use the app to SWITCH their policy cover ON and OFF based on their usage of vehicle.
iv.This was developed to satisfy the needs of the customers who may not use their vehicles regularly or use alternate vehicles like cars and two wheelers as this will reduce the premiums as they pay per usage.
About Edelweiss General Insurance:
Executive Director & CEO – Shanai Ghosh
Chief Financial Officer(CFO) – Jitendra Attra
Corporate Office – Mumbai