AXA Philippines, Toyota unveil new "pay-how-you-drive" policy
AXA Philippines, Toyota unveil new “pay-how-you-drive” policy | Insurance Business Asia
Insurance News
AXA Philippines, Toyota unveil new “pay-how-you-drive” policy
Customers will be given a score, with higher scores corresponding to bigger premium discounts
Insurance News
By
Kenneth Araullo
AXA Philippines has partnered with Toyota Motor Philippines (TMP) for a new “pay-how-you-drive” policy, the first of its kind in the country.
Called Connected Toyota Insure, the insurance product is the latest under the MyToyota Connect suite of services. The policy factors in how the vehicle is used when computing for the premium due using a connected device that monitors vehicles.
As per a news release, this device will then monitor a customer’s vehicle usage, giving a score based on driving habits such as cornering, braking and acceleration. Higher scores with low mileage driven corresponds to bigger premium discounts; customers can receive renewal premium reduction of up to 25%.
Connected Toyota Insure also offers comprehensive coverage for loss and damage, third-party liability, and medical expenses for injuries to the driver and any passenger in the vehicle in case of an accident. The policy also comes with other services such as 24/7 claims assistance, easy claims filing through the Emma by AXA Ph app, access to the AXA Motor Club’s personal emergency assist services, and repairs through the Toyota Insure program.
AXA Philippines chief marketing officer Nandy Villar said that this partnership represents a commitment to advancing safety for drivers on the road.
“AXA Philippines and TMP are both committed to further advance road safety through improved driving behavior. Connected Toyota Insure aims not only to incentivize drivers to drive safely and protect what matters, but to help teach drivers how to be smarter and safer on the road to benefit both themselves and society,” Villar said.
What are your thoughts on this story? Please feel free to share your comments below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
