SWITCH – Motor Floater Policy
Motor Insurance has remained virtually unchanged since it began as a category, many decades ago. When you buy a vehicle, you pay a premium and take a policy that covers your vehicle for the next 365 days. But here’s the thing: does your vehicle really need accident cover for each of those 365 days? Such continuous cover makes sense for your health insurance, because obviously a person can fall ill anytime. But a vehicle can have an accident only when you’re driving it! And no one uses their vehicle 24/7/365. So why pay a premium at all when you aren’t even using the vehicle, and there’s no risk of an accident? That’s the thinking behind Edelweiss SWITCH, our pay-as-you-use motor. You pay a premium only for the time you switch ‘On’ your cover, when you’re actually using the car. And when your car’s safely parked, you switch your policy ‘Off’ and stop paying the premium. This revolutionary concept is possible because Edelweiss SWITCH is not an old-fashioned paper policy, it is housed on the Edelweiss SWITCH app, which a customer downloads on his phone once he buys the policy.