Kotak General Insurance launches on/off switch feature on auto insurance

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Kotak Mahindra General Insurance announced on Monday the launch of a supplemental coverage called Meter (enable/disable) available with private auto insurance.

Kotak General Insurance claimed to be India’s first company to offer a cashback through a private car insurance add-on. After opting for the Meter (enable/disable) add-on, users must download the Kotak Meter mobile app available on the Play Store or App Store, which allows vehicle owners to switch their auto insurance coverage ON and OFF based on usage. This facility is available at the touch of a button.

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“Demand for needs-based insurance coverage has increased, especially post-Covid. With hybrid and work-at-home policies coupled with higher fuel prices and rising inflation, the driving preferences of most car owners have changed. -on on our car insurance. With the new technology-based insurance policy ‘Meter’ we want to treat all customers fairly and reward customers who drive less. We believe this will help retain customers and help our customers better understand and serve them by driving behavior,” said Suresh Agarwal, Managing Director and CEO of Kotak General Insurance Company Limited.

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The name ‘Meter’, a colloquial term associated with commuting, means that vehicle owners can only pay for insurance when the vehicle is in use. Through a simple ON and OFF function on the mobile application, customers get a reward day for every continuous 24 hours that coverage is off when the vehicle is not in use. Accumulated reward days can be redeemed for a discount on renewal or cashback, up to 40% of the own premium (OD) at the end of the policy term.

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