Pay as You Drive for PC

Pay As You Drive Insurance (PAYD) Motor Insurance

Pay as You Drive for PC

Motor Insurance Policy


    • Acronym for PAYD is: Pay as You Drive.
    • This Product is offered as under with and without Add On Covers for Private Cars
      • Annual Cover – In this cover, Own Damage insurance and Third Party insurance is for one year.
      • Bundled Cover – In this cover, Own Damage insurance is for first year only and Third Party insurance is for three years. This Cover is available only for Brand new vehicles.
      • Standalone Own Damage Cover – In this cover, only Own Damage insurance is provided. No Third party insurance is provided. However, this cover can be obtained only after confirming that Third Party insurance is valid for vehicle at the time of inception of Standalone Own Damage Cover.
    • At the Inception of this Policy, Insured needs to declare his current Odometer reading and select a slab of Kilometers which he/she may run during the policy period based on his need.
    • Slab of Kilometers available for selection are as below:
      • Up to 4,000 Kilometers
      • Up to 6,000 Kilometers
      • Up to 8,000 Kilometers
      • Up to 10,000 Kilometers
    • Insured shall get applicable discount on Basic OD Premium when vehicle is not driven more than the selected slab of Kilometers.
    • The PAYD Discount will be provided to insured at the time of renewal of this policy, in addition to eligible NCB discount, provided, insured has to produce the odometer kilometers at that time (renewal), which will be ascertainable through use of any technology or through readings in vehicles odometer or through any other available means to confirm the slab of kilometer for allowing the discount.
    • Insured will be eligible for this discount, only if the policy is renewed with The New India Assurance for the same product, without any break in insurance.
    • The Policy will continue to be in force even after it runs more than the selected slab of kilometers.
    • During Renewal, if it is observed that the vehicle has run more than the selected slab of kilometers, the applicable slab based on the actual completed kilometers will be considered for discount.
      • Ex: At the time of inception of policy, Odometer reading shows as 5,000 Kilometers. As per policy, Insured had selected slab of up to 4,000 Kilometers for which there is an applicable discount at the time of renewal.
      • At the time of renewal it is observed that odometer reading shows as 11,000 Kilometers.
      • So, effectively vehicle was driven for 11,000 Kms less 5,000 Kms = 6,000 Kms during the policy period.
      • Though insured has selected slab of 4,000, he/she drove the vehicle more than that.
      • So, applicable discount in this case would be of 6,000 Kilometers as he has driven to the range up to 6,000 Kilometers.
    • In the event of a claim, the insured would continue to enjoy the discount as per above stated eligible slabs.
    • All Other Terms and conditions will be as per IMT – 2002.
    • Below are the Add on Covers offered and their benefits with this PAYD Cover.
      • Nil Depreciation– In the event of any partial loss claim admissible under this Add on Cover, no depreciation shall be deducted for the replaced parts including tyres, tubes, rubber/plastic, payable under the claim.
      • Return to Invoice- This Add on Cover indemnifies the Insured with On Road Price of the insured vehicle in case of Constructive Total Loss / Total Loss / Theft claim which includes Total Ex-showroom price as on date of date of loss and accessories if any installed in the car at the time of purchase and included in IDV, Road Tax, Registration charges, First Year Insurance Premium.
      • Engine Protect- This Add On Cover indemnifies the expenses incurred in repair or replacement due to consequential damages arising out of water ingression / leakage of lubricating oil, coolant and damage to vehicle’s under carriage arising out of any accidental external means, leading to loss or damage to Engine and Engine Parts, Transmission or Differential Parts Assembly and Parts and Gear Box and Gear Box Parts of the Insured’s vehicle.
      • Consumables- This Add On shall provide protection against the losses or damage to the consumable items which may require replacement / repair in the event of damage to the vehicle insured and / or to its accessories, arising out of any peril as covered under the policy.
      • Roadside Assistance -Under this cover, the Insured can choose either Basic Cover or Gold Cover. Based on the selection of cover, insured will be provided with following Roadside Assistance:
    A.  Basic Cover

    Under this cover, the Insured will get following assistances:

    • Mechanical and Electrical Breakdown
    • Towing due to accident
    • Keys Locked In
    • Flat tyre support
    • Battery Jump Start
    • Fuel delivery (fuel charges to be borne by customers)
    B.  Gold Cover

    Under this cover, the Insured will get following assistances in addition to the Basic Cover:

    • Wrong Fuelling
    • Cab Assistance (cab charges to be borne by customers)
    • Medical Assistance (medical charges to be borne by customers)
    • Hotel Accommodation and Ticketing (Hotel & Ticket charges to be borne by customers)
      • Key Protect -This Add On Cover indemnifies the Insured the cost incurred towards repairing/ replacing the vehicle keys which are lost, misplaced, stolen or the vehicle lock is broken at the time of burglary or attempted burglary, theft or attempted theft, damage to the keys arising out of an accident by a new set of lock/ lock set (including lock mechanism) & keys including locksmith charges during the Policy Period.
      • Personal Belongings- This Add On Cover indemnifies the Insured, upto the Sum Insured of INR 50,000/-, for the theft/loss/damage of personal belongings including electronics (Like Laptop, mobile phones etc.) on account of damage to or theft from Insured’s Car.
      • No Claim Bonus Protection- This Add On cover allows the Insured to be entitled for the next slab of NCB in percentage terms as per IMT 2002 even in case of an OD claim in the current policy.
      • Road Tax- This Add on Cover provides protection against the Road Tax that the Insured may have to pay while replacing the car due to major accident to his present car.
      • Tyre & Alloy- This Add on cover indemnifies insured for repair and/or replacement of tyres damaged due to cut, burst, bulge or continuous running under deflated condition.
      • Loss of Contents- This Add On Cover indemnify the Insured to for Sum Insured up to INR 20,000/- with a 20% cap of Sum Insured for each individual item or actual value of lost item whichever is less for the loss of personal belongings (contents) in an accident.
      • Additional Towing Charges- This Add on cover provides increased towing charges as it allows reimbursement of towing charges in case of an admissible OD claim to the extent of INR 10,000/- over & above the normal policy limit of towing charges.
      • High Value PA- This Add on Cover indemnifies the Insured upto INR 15 lakhs per person (Occupants up to seating capacity of vehicle) for death or total permanent disability.
    • Exclusions under PAYD Policy
      • All Exclusions mentioned under Private Car in IMT 2002.
      • Provisions relating to any specific exclusions in Endorsements attached for different Add on Covers opted by insured.
      • Improvements and/or extra fittings in the private cars.
      • Add on cover claims relating to accidents in extended geographical area even if geographical extension is taken under Basic Motor Policy.
    • Declined Risks under PAYD Policy
      • Private Cars age beyond 5 years on the date of inception of the cover.
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