Online insurance platform Digit Insurance has launched a cycling insurance product in conjunction with Dr. Cycle and SCOTT Sports India.
This new offering will protect both new and old bicycles from theft and accidental damage. The policy, which is only available in India, has a free look period and in the event of theft or total damage of the vehicle, Digit will pay for the full amount of the bike after depreciation. If there is partial damage, the InsurTech will fund the repairs.
Digit Insurance is an online insurance platform which offers consumers in India with access to car, travel, mobile, and jewellery insurance policies. There are a handful of other protections in its pipeline, including, health and home insurance.
Dr. Cycle is an online site which helps consumers to buy various cycling accessories and equipment or even rent a bike. SCOTT Sports is an e-commerce platform selling sports equipment and apparel spanning cycling, motorsports, running and wintersports.
Digit chairman Kamesh Goyal said, “Indians are becoming health conscious and activities like cycling are no more just a hobby but also a lifestyle habit. But when it comes to protecting your cycle, one of the biggest issues is the lack of awareness about an insurance that can cover the cycle.
“As our distribution philosophy is to be present where there is a need for protection, we thought tie-ups with bicycle manufacturers and sellers would help create that awareness amongst cyclists as well as help us tap into an already established customer base.”
This deal comes hot off the heels of a partnership formed between Digit and Aftersales Group, which saw the launch of a new smartphone insurance company Gadget Protect. The new InsurTech solution helps to cover mobile phones from accidental and liquid damage as well as provide consumers with internet security services.
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