Want a Vehicle Insurance Policy For Re 1? Here’s How To Get It

People often procrastinate taking insurance, and the high premium further increases their aversion to it. To provide a cost-efficient alternative to Indians for their two-wheeler and four-wheeler insurance, PhonePe is now offering economic insurance options for two wheelers and four-wheeler owners.

PhonePe's vehicle insurance plans start at the lowest price of Re 1 for two-wheelers with Own Damage Cover. Several insurance plans can offer people to save up to Rs 4000 on two-wheeler insurance plans, whereas Rs 40,000 on four wheeler insurance plans.
The initiative has been launched in collaboration with leading insurers, where people can compare the experience and even compare insurance policies on the PhonePe application.

"In our commitment towards making insurance accessible and affordable for everyone, we are pleased to launch our latest 'new vehicle' insurance offering for all prospective two-wheeler and four-wheeler owners. This coverage aims to facilitate users in making informed decisions by comparing policy options and pricing via a seamless digital experience. With this launch, we hope to transform the way consumers purchase insurance for their new vehicles," said Vishal Gupta, CEO at PhonePe Insurance Broking Services.

The fintech platform claims that the new vehicle insurance will be available for two-wheelers and four wheelers without any hidden charges and will be completely digital. The new insurance would help them to find the right choice for their vehicles.

About PhonePe's vehicle insurance starting at Re 1

The plan offers comprehensive insurance for new two-wheelers. Its one year Own Damage (OD) coverage starts at Re 1. Own Damage cover is a type of insurance that only covers damage to one's own vehicle and not for the third party.

How to avail of insurance for Re 1 for two-wheelers?

Follow the below mentioned steps in case you want to know more about the cost-effective insurance options provided on the fintech application or how it works.
Open the PhonePe application and go to the insurance section on the mobile app.
You will find multiple options for insurance, like vehicle insurance, travel insurance, or term insurance.

1. Select 'Buy New Car' Insurance.
2. Check available plans
3. Enter details of your vehicle. Later, fill in the details about RTO for registration.
4. Then compare plans from top insurers.
5. You can also customise the insurance plan by opting for add-ons like 'zero depreciation', '24x7' roadside assistance, engine protection, etc.
6. Check all the details and select the buy option.

The fintech application is expanding its presence in the insurance sector by offering low-cost insurance plans to people for different purposes related to religious tourism or other occasions. During the recently concluded Mahakumbh 2025 in Prayagraj, Uttar Pradesh, the digital wallet and payment app launched a low-cost insurance for devotees. The initiative offers insurance plans to as low as Rs 59 per person for devotees travelling to Prayagraj by bus or train. Whereas, a Rs 99 per person plan was launched for those travelling by domestic flight.

The low-cost insurance plan offered benefits like coverage for hospitalisation, doctor consultation, outpatient treatment, personal accident cover, loss of checked-in baggage, trip cancellation cover, missed connecting flight cover, and repatriation of remains, etc.
Last year, PhonePe launched a unique insurance plan to provide protection related to accident while burning firecrackers during the Diwali season. The plan offered immediate coverage related to Rs 25,000 for a 10-day period during Diwali last year.