Toffee Insurance, an insurtech start-up in India, has teamed up with Wildcraft, an outdoor gear brand, to roll out backpack insurance.
The insurance plans offers coverage for loss and robbery of backpack for up to six months. The plan has zero depreciation charges at the time of purchase and can be extended for a further six months.
Backpack insurance India
The insurance plan will be offered to customers if they buy any Wildcraft backpack worth INR1,299 ($18) or more from any of the 145 authorised Wildcraft branded outlets across India.
Toffee Insurance co-founder Rohan Kumar said: “The insurance product is not free, but instead is bundled within the cost of the bag as a customer value add. The bundled offer will be available over the holiday season.”
He told the publication that the company wants to continue offering this insurance policy after the holiday season is over.
“Yes. This is a vertical that we will continue to explore. Pricing will be based on slab. We’ll look to extend this across the categories of equipment and accessories,” Kumar added.
The insurance offers coverage only for the backpack and not for its contents. An insured will have to submit a police intimation report n to make an insurance claim in case of theft or loss.
The backpack insurance plan is part of Toffee Insurance’s strategy to make insurance more accessible by offering easy-to-understand policies with small premiums.