India’s PhonePe unveils new vehicle insurance for as low as $0.012

Customers can save up to ₹4,000 on a two-wheeler insurance, PhonePe claims.

Indian fintech PhonePe has launched a new vehicle insurance for two-wheelers and four-wheelers.

Under the new plan, customers can reportedly save up to ₹4,000 ($46.68) on two-wheeler insurance and up to ₹40,000 ($466.77) on four-wheeler insurance as compared to dealership prices, PhonePe said in a press release.

PhonePe also offers the Own Damage Cover starting at ₹1 ($0.012), available through the PhonePe app.

The process is 100% digital with zero paperwork. PhonePe promises no large dealer margin and no hidden fees, the press release said. 

(US$1 = ₹85.70; as of 26 March 2025, Google)