Digit Insurance enters Cycle Insurance business
Digit Insurance, a new-age general insurance company backed by Fairfax Group, has launched a cycle insurance product with Dr Cycle, an online platform for all cycling needs, and Scott Sports India, a subsidiary of Scott Sports SA, a Swiss producer of bicycles, winter equipment, motorsports gear, running gear and sportswear.
The insurance product covers both old and new cycles, theft and accidental damage. The coverage is within India. In case of thefts or total damage, Digit will pay the full amount after depreciation and in case of partial loss, Digit will pay for the cost of repair, a press release said.
Speaking about the product, 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.”
Dr Cycle CEO and co-founder Yogesh Chauhan said, “While the government mandates car insurance, the same doesn’t apply to cyclists sharing that road. As part of our vision to maximise the cycling experience for an Indian cyclist, we wanted to offer a comprehensive insurance; and that is when we and conceptualised and launched ‘Insure-your-Ride’ with Digit Insurance.”
Scott Sports India country manager Jaymin Shah said: “Scott’s range of products represent the super-premium bicycle category and thus insurance becomes an essential value addition for our consumers, giving them a sense of comfort. The ease of use and wide coverage were imperative factors for us, and that’s where Digit’s product was the right fit for Scott Sports.”
Source: Financial Express