Peer-to-peer insurer, Friendsurance, has launched its first product in Australia, Cashback Bike Insurance, which offers benefits which are in addition to those seen in other bicycle insurance policies.
Cashback Bike Insurance provides cover for the rider and the bike itself, including the rider's loss of income and dental work in the event of an accident, as well as third parties. Regular bike insurance generally only covers loss or damage to the bike.
"We wanted to create a bike insurance product that had the unique Friendsurance Cashback but also looked more like a comprehensive car insurance policy,” said CEO and Managing Director of Friendsurance Australia Perry Abbott.
Under the Cashback Bike Insurance plan, a rider is assigned a group which is made up of 10 members who cross insure one another. Iif there are no claims, up to 40% of the premium is refunded. The rider may choose who is in his group or leave the assignment to Friendsurance.