Toffee Insurance launches cyclist insurance in India

Toffee Insurance - a digital insurance and technology start-up has launched cyclist insurance in India. 

The cyclist insurance has been modelled after auto insurance and covers both the rider and cycle. The policy costs approximately 3-5% of the price of the cycle. It covers theft and accidental damage up to the cost of the cycle and offers accidental cover of up to Rs. 2 lakh. The company claims to offer cashless claims for damage while the theft claims are processed within 2 days.

Cyclist insurance is available at 1,000 cycle dealers in over 150 cities, which include metros to Tier 4 and Tier 5 cities. Real-time policy issuance, servicing and claims management are done through Toffee Insurance's web app.

Toffee Insurance is a digital insurance intermediary that was founded in 2017.