Used two wheeler marketplace CredR has joined hands with Digit insurance for offering affordable insurance cover for it second hand vehicles. Following this partnership, CredR can now offer affordable accidental insurance cover to all its customers.
According to the statement issued by CredR, the insurance policy will cover any accidental bodily injury that stops the insured person from discharging his/her duties on a non-permanent basis. CredR customers will have to pay a premium of Rs 525 (including GST) in order to avail the benefit of Rs 5,000 per week or actual weekly salary, whichever is lower, up to 100 weeks.
The partnership between these two companies assumes importance in the wake of the high occurrence of road accidents across India. According to a rough estimate, even when India was under complete lockdown between March 24 and May 30, the country recorded almost 1,461 road accidents. This number would have been actually much higher if the lockdown would not have been clamped down across the country.
Speaking on this initiative, Sasidhar Nandigam, Chief Strategy Officer (CSO) – CredR said, “Our customer profile largely consists of working professionals who stand to benefit from a bundled offer such as accidental insurance cover. With increasing road accidents every year, extending a voluntary insurance of this nature seemed like the need of the hour, to safeguard the interests of our customers”.
Jasleen Kohli, Chief Distribution Officer, Digit Insurance, said, “Our mission at Digit is to simplify insurance and to create products that customers really need. CredR shares the same vision of offering solutions to customers that are relevant and that do not pinch their pockets.
Meanwhile, CredR lately has been sort of on a partnership spree. The company had also recently joined hands with bike-sharing startup Bounce. Under this partnership, CredR’s second hand bikes will be available on subscription and long term rental basis on Bounce’s platform.
Both CredR and Digit Insurance boast a very strong credential and standing in their own respective industries. The former is among India’s most trusted and only omnichannel consumer brand for buying and selling second-hand vehicles. Digit Insurance, on other hand, is today counted amongst the most successful insurance startups of India.
Till date, Digit Insurance has accumulated nearly $224 Mn through multiple funding rounds. It counts Fairfax Financial Holdings, Canadian billionaire Prem Watsa and TVS Capital among its high profile investors.