Toffee Insurance, an all-digital InsurTech startup, is offering bicycle insurance across the country.
The policy covers both the rider and the bicycle in a tiered pricing format, reported The Times of India. The cyclist insurance is modelled after auto insurance and covers both theft and accidental damage.
Toffee Insurance has spread its pan-India footprint to reach over 150 cities ranging from metropolises to Tier 4 & 5 cities. The product is sold at point of sale by 1,000 of the country’s top bicycle dealers.
Onboarded dealers use Toffee Insurance’s web app for real time policy issuance, servicing, and claims management.
The pricing of the product is approximately 3%-5% of the bicycle cost. Details include:
- Theft is covered up to the cost of the bicycle
- Accidental damage to the bicycle is covered up to the cost of the bicycle (cashless payments)
- Accidental cover for the cyclist is up to INR200,000 ($2,840).
Toffee Insurance has tied up with Tata AIG General Insurance to provide cover for “Hero” brand bicycles, and with another general insurer for “TI” bicycles.
Toffee Insurance is a digital insurance intermediary founded in 2017.
State-owned insurers such as New India Assurance and Oriental Insurance already have market insurance policies targeted at bicycles. But the awareness of these products is still limited.