According to a media report, customers will now have an option to purchase a single policy for multiple cars owned by them. ICICI Lombard insurance is expected to launch its floater policy that will allow users to tweak the sum insured using an app-based interface.
The new policy is expected to be similar to family floater policies for mediclaim. A prototype with a 6 months validity is expected to be developed. Companies could launch this if successful. The new policy will also factor in driving behaviour like rash acceleration, hard braking, speed, distance travelling as well as time of the day to calculate premiums.
An app will be used to monitor driving behaviour and incentivise customers for safe driving. It is reported that such flexibility along with usage based policies is expected to push consumers to purchase own-damage insurance as currently majority of the vehicles on the road have only the mandatory 3rd party liability insurance.
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