French startup Lydia is launching an insurance product for your mobile phone. For €4.29 per month ($4.89), you can insure your phone from the Lydia app.
Lydia is one of the most popular peer-to-peer payment apps in Europe with 1.5 million users. Think about it as a sort of Venmo or Square Cash for Europe. More recently, the company started offering more options to manage your money with a premium subscription and additional features.
While Lydia doesn’t want to replace your bank and insurance company, the company is offering an insurance product for the first time. Lydia is partnering with its investor CNP Assurances — having an insurance company as an investor has a few advantages.
So here’s what you get. You’re instantly covered against cracked screens, liquid damage…