Etiqa Insurance, the insurance arm of Maybank Group, has announced the launch of a new usage-based car insurance policy.
The new UBI policy, called ePROTECT sMiles, will see policyholders in Singapore given 50% premium savings upfront, potentially saving customers close to $500.
The policy rewards infrequent drivers with savings passed on to those who drive less but still providing comprehensive cover.
Utilising a telematics app to measure distance travelled, drivers receive an allowance of 6,000km a year for 50% savings on premiums. Mileage is broken down quarterly and if a driver covers more ground than anticipated, they are charged S$0.063 per kilometre.
A Bluetooth device will be provided for each policyholder, which will be used alongside the app to track driving distance and performance. Drivers will be offered tips on how to improve their driving via the app with users scored from one to five on each journey.
Scores take into account smoothness, anticipation, cornering and speed and are designed to promote safe driving habits as they could impact future premiums of customers.
Related stories:
Etiqa Insurance launches online offering
Maybank chairman to step down at the end of the month
