Coverfox an online distribution platform and CarDekho.com have announced a strategic partnership. Under this partnership, CarDekho.com will offer its customers/users car insurance from Coverfox, in its ongoing focus to provide comprehensive information and services around cars.
Besides customers being able to directly access insurance options from CarDekho.com, with this partnership CarDekho brings to its car dealer network the ease and convenience of being able to book insurance from Coverfox for their customers at the point sale too. Through this platform, CarDekho will provide a simple and hassle free process by cutting down the steps and paperwork involved with buying insurance for used cars.
Amit Jain, CEO, CarDekho, says “CarDekho is more than a car listing portal; we intend to create a 360-degree experience for our customers, who choose their car with ease on our website but then have to go through the hassle of traditional insurance rituals to get their vehicle covered. Our partnership with Coverfox will help us create value for our used car dealers and customers alike, by providing them a single-step resolution to all their insurance buying needs.”
The used car market exceeds the new car market in India. An industry survey states that for every 100 new cars sold in India, 110 pre-owned cars are sold. The used car market is growing at around 20-25% CAGR and is predicted to grow 4x in the next four years while the new passenger vehicle production is expected to increase to 10 million in FY20 from 3.2 million in FY15, as per IBEF.
Varun Dua, founder & CEO of Coverfox said, "Buying a car, whether new or used, is a size-able investment and an insurance plan, even though is mandatory and extremely important, is often the most ignored or misunderstood aspect in that piece. The collaboration with CarDekho is a strategic step to enabling consumers to make a well considered insurance choice in a quick, accurate and credible manner”.