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Chuks Udo Okonta
Insurance companies are working assiduously to meet the ever increasing needs of the insuring public. This has led to the deployment of Pay AS You Drive Comprehensive Insurance Policy by Sovereign Trust Insurance Plc.
The Pay As You Drive policy, which is first of its kind in Nigeria, is powered by Sovereign Trust Insurance Plc and Pay-U Technologies Limited.
To subscribe to the cover, prospective policyholders are to download the Pay-U App at Google Play or Apple Store.
On how the cover operates, Inspenonline gathered that when a vehicle valued at N10 million is on drive mode, the insurance payment will cost N7.61 per minute, but when the vehicle is on park mode, insurance payment will cost N1.90 per minute.
Having secured approval from the National Insurance Commission (NAICOM) to deploy the services in partnership with underwriters, Pay-U, it was gathered is in talks with some insurers to offer the service to willing policyholders.