PhonePe, a major fintech player in India, has unveiled a new vehicle insurance offering designed to provide customers with substantial savings on their two and four-wheeler insurance policies.
Under the new insurance plan, customers can potentially save up to ₹4,000 ($46.68) on two-wheeler insurance and up to ₹40,000 ($466.77) on four-wheeler insurance compared to dealership prices, according to a press release from the company. Perhaps even more enticingly, PhonePe is offering Own Damage Cover starting at just ₹1 ($0.012). The company is aiming to disrupt the traditional insurance market with its competitive pricing and streamlined digital process.
The entire process, from application to policy management, is 100% digital, eliminating the need for paperwork. PhonePe has stated that the new insurance plans are designed to be free of hidden fees and markups commonly associated with traditional insurance providers, offering greater cost transparency to its customers. This focus on digital convenience and value-driven pricing is a key element of PhonePe’s strategy to gain a stronger foothold in the Indian insurance market.
(US$1 = ₹85.70; as of March 26, 2025, Google)
