IRDAI permits general insurance companies to introduce tech-enabled concepts for the Motor Own Damage (OD) cover

The Insurance Regulatory and Development Authority of India vide Press Release dated 06.07.2022, as a step towards facilitating technology enabled covers, has permitted general insurance companies to introduce the following 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

Introduction of the above options will aid in giving the much needed fillip to Motor OD Insurance in the country and increase its penetration.