With the ubiquitous bicycle gaining popularity as a mode of transport, digital-only insurance platform Toffee Insurance has launched a bicycle insurance product that covers the cycle and the rider.
Modelled on the lines of auto insurance, the cyclist insurance has a cashless claim process for damage and theft and gets approved within two days.
According to Rohan Kumar, CEO and co-founder of Toffee Insurance, for cycles up to ₹10,000, the premium would be ₹270 per year. “It is a marginal increase in the overall cost of the bicycle and is affordable for everyone,” he told BusinessLine , adding that a wide segment of customers use the policy — some to secure their expensive cycle purchases, while others are beginning their entry into financial service offerings. Toffee Insurance has tied up with Tata AIG General Insurance for providing cover to Hero Cycles, and with another general insurer for TI Cycles, said Kumar. State-owned insurers such as New India Assurance and Oriental Insurance Company already have pedal insurance policies targeted at bicycles. But the awareness of these products is still limited.