After taking a crack at health insurance, Flipkart-owned payments company PhonePe has now added car and bike insurance to its product portfolio in association with Bajaj Allianz General Insurance.
Bike insurance on PhonePe starts at ₹482, while Car insurance at ₹2,072.
PhonePe users can buy car and bike insurance from the newly added Motor Insurance page under Insurance- MyMoney. The PhonePe company claims users can buy plans within 2 minutes. After the payment has been made, policy documents can be accessed instantly on the app.
To insurance plans more appealing, PhonePe has bundled it with cashless repair services available through a countrywide network of third party garages associated with Bajaj Allianz General Insurance. Insurance Buyers also get instant claim settlement within 20 minutes.
Buyers can customize their plans and choose from a bunch of value added services such as a zero depreciation, 24×7 roadside assistance, and engine protection.
Zero depreciation covers the vehicle regardless of the annual depreciation in the value of its parts and pays for the entire claim amount.