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PhonePe has expanded its financial services portfolio with the launch of “new vehicle” insurance, offering cost-effective plans for two-wheelers and four-wheelers. With this new offering, the platform aims to provide a transparent and affordable alternative to traditional dealership insurance. It will allow users to compare policies from multiple insurers and make purchases directly through the PhonePe app.
PhonePe motor insurance: What it promises?
One of the key advantages of this initiative is significant cost savings. As per the company, customers can save up to Rs 4,000 on two-wheeler insurance and up to Rs 40,000 on four-wheeler policies compared to dealership prices.
Additionally, two-wheeler owners can avail themselves of Own Damage Cover starting at just Rs 1, making it one of the most affordable options available. The entire process is 100% digital, eliminating paperwork and hidden fees.
With dealership insurance often burdened by high premiums, limited choices, and biased recommendations, PhonePe says that it aims to simplify the process by partnering with top insurers.
PhonePe motor insurance: How to purchase motor insurance on PhonePe app
To purchase a new vehicle insurance policy, users simply need to go to the Insurance section of the PhonePe app, select the Car Insurance option, enter their vehicle and RTO details, compare available plans, customize add-ons, and proceed with the purchase. By collaborating with top insurers, PhonePe is making motor insurance a more competitive and consumer-friendly market.
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