Kotak General Insurance rolls out on/off switch feature for private car insurance; here's what it entails

Kotak Mahindra General Insurance has announced the launch of a new feature on its private car insurance policy that is sure to delight policyholders.

An add-on-cover called Meter (switch on/switch off) has been introduced by the company.

With Meter, the vehicle owner is able to pay for insurance only when the vehicle is in use. With the simple Switch ON and OFF feature on the Kotak Meter mobile app, a reward day is awarded to the customers for every continuous 24 hours, during which the cover is turned off when the vehicle is not being used. Customers are able to redeem the accumulated reward days by receiving a discount on renewal or cashback up to 40 per cent of Own Damage (OD) premium at the policy term. The cost of the add-on feature has been set at Rs 250.

Users must install the Kotak Meter mobile app after they opt for the Meter (switch-on/off) add-on. This app is available on both Play Store and App store. The app allows the car owners to switch their car insurance coverage ON and OFF in line with the usage. Kotak Mahindra General Insurance has claimed that it is India’s first company which is providing cashback through an add-on for insurance policy of private cars.

According to Suresh Agarwal, Managing Director and CEO of Kotak General Insurance Company Limited, the demand for need-based insurance cover has been increasing, especially after COVID. He added that the driving preferences of most vehicle owners have changed due to hybrid and work from home policies, higher fuel rates, and rising inflation.

He further stated that this has led them to roll out the customer friendly feature of Switch On and Off as an add-on on the car insurance policy. Agarwal went on to say that with the help of the new tech-enabled insurance policy “Meter”, they want to ensure fair treatment of all customers and reward those policyholders who drive less.

According to Agarwal, this is going to help customer retention, and help them understand and serve their policyholders better. He added that they are focusing on receiving customer feedback about the feature.

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