A new device has been introduced which will capture your driving behaviour. Right from how fast you drive to when you will apply brake. This will decide your vehicle insurance cost.
For the first time in India, a private insurance firm Bajaj Allianz has launched this device. The device will directly plug into car's on-board diagnostics and relays information on the quality of driving and handling of the car to the insurance company. This data will be used to price the policy at the time of renewal.
Currently, four aspects will determine the cost of vehicle insurance - vehicle make, model, year of manufacture and location.
Bajaj Allianz General Insurance has introduced a policy called as Drive Smart, which will evaluate the insurance price on vehicle usage.
This new device and service are available for free for Bajaj Allianz car insurance customers. The device connects the car to an app on owner's smartphone and indicates when the owner is overspeeding or braking harshly. This data will be gathered by the insurance company to evaluate price.
This insurance policy also comes with add-on benefits such as 24/7 roadside assistance, accident insurance, key and lock replacement cover and also personal baggage cover.