India’s Digit Insurance has launched an insurance product for bicycles, in cooperation with Dr Cycle, an online cycling platform, and Scott Sports, a Swiss maker of bicycles, winter gear, and other outdoor equipment.
The new product functions similarly to a motor insurance policy, and it covers both old and new bicycles from theft and accidental damage. In case a bike is stolen or totally destroyed, the insurer will cover the full amount after depreciation. In case of partial damage, the cost of repair will be covered.
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