EGI launches motor OD insurance cover

Edelweiss General Insurance (EGI) has launched a usage-based motor OD floater policy called Edelweiss SWITCH. It is app-based and drivercentric. Under IRDAI’s regulatory sandbox, the policy offers a special feature of switching it on and off as per the usage. Capable of covering multiple vehicles, it calculates insurance based on the age and experience of the driver. Using a payas-you-use model, allowing the customer to pay the premium only on the days the vehicle is in use, the policy covers accidental damage when switched on. It is applicable 24x7 on 365 days of the year against fire and theft even when it is switched off.