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@ BusinessToday

Now, you can buy 80% cheaper motor insurance products

'Pay as you drive' could soon be a reality in motor insurance as the regulator has given approval to seven general insurance companies who had applied to launch such products under the regulatory sandbox. The insurers will run this between February 1, 2020, and July 31, 2020, then they will share the impact analysis with the regulator. Here, the insured gets an option to pay their premiums, basis the distance covered while driving. The premium of these policies could be one-fifth times cheaper than an ordinary insurance policy.

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