Mumbai, March 24 -- From linking premiums to a customer's driving pattern to incentivizing them to use specific garages, general insurers are making up newer kinds of add-ons or value-added features to make customers pay more while keeping basic premium low.

However, while the jury is still out on whether this pay-as-you-like-kind of model is working out for insurers, it has added to the mental load of owning a vehicle for customers.

"The own-damage (OD) car insurance market is actually bleeding due to deep discounting. Insurers give 80% discounts (on basic premiums) and charge you in the name of add-ons, which does not make sense for consumers," said Tejinder Pal Singh, vice president-motor insurance at Prudent Insurance Brokers.

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