NTUC Income just announced the launch of Droplet, an insurance product that looks to protect commuters against surge pricing on ride-hailing platforms on rainy days.
Droplet will “pay up to 60% of a commuter’s trip fare or cancellation fee” if it is raining at the point of pickup.
However, commuters would need to purchase the product “at least a day ahead of their rides”.
A real-time weather forecast is available on their website, with the price of the premium “dynamically pegged to rain forecast”.
This means that the premium will be more expensive if a commuter buys it closer to days forecast to rain.
Regardless, the premium will cost “no more than $9.60” a day, and commuters can submit an unlimited number of ride receipts for claim – up to a claim cap of $50 a day.
Currently, Droplet only covers rides booked using Grab, but it “will be extended to other ride-hailing platforms by the end of the year”.
Stated NTUC Income on Droplet: “Droplet is a blue-sky response to consumers’ pain point – surge pricing due to rain – when they book a ride on ride-hailing platforms.”
“In Singapore, where an average of 167 days of rainfall can be expected a year, consumers can now meaningfully address this pain point with insurance cover by Droplet.”
Is the premium worth the money? Let us know!
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