The platform has been instrumental in helping more than 1.7 million members discover expired insurance policies. Credit: T. Schneider/Shutterstock.

CRED Garage has announced a partnership with Acko Insurance to enhance its vehicle management services, marking the fourth insurance collaboration for the platform, reported Financial Express. 

This partnership, set to go live soon, will introduce additional conveniences for users such as vehicle pick-up and drop facilities for claims processing. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Launched in September 2023, CRED Garage provides a platform for users to manage expenses of vehicles, track insurance renewals and expiry dates of pollution certificates, and maintain a record of traffic fines.  

The service is offered free of charge, with CRED earning commissions from insurance policies sold via the platform with 4.4 million users managing seven million registered vehicles. 

CRED identified a pattern among its high-credit-score users, which led to the creation of CRED Garage.  

The platform caters specifically to users with high credit scores, offering them discounts on insurance premiums between 7.5% and 12.5%, based on their creditworthiness.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It has been instrumental in helping more than 1.7 million members discover expired insurance policies.  

CRED has noted that 93% of the insurance policies sold through its interface are plans, reflecting a trend among its users towards opting for more coverage. 

Insurance sales have emerged as CRED’s initial venture into monetising its Garage services, which also includes a digital storage space, the ‘Glovebox’ feature, for essential vehicle-related documents. 

Head of product and growth Akshay Aedula said: “The story of Garage, the way we stumbled upon it, was actually similar to insights we had on payments and lending. India today has 40 million unique credit card holders. That is the audience that we cater to. We looked at how many privately owned cars there are in India – that number also was 40 million.”