Friendsurance Australia has introduced the country’s first peer-to-peer insurance product – a comprehensive bike cover.

Cashback Bike Insurance is the first offering outside the group’s home nation of Germany.

“It’s been a tough journey because we wanted to do something that was special that had unique features,” CEO Perry Abbott told insuranceNEWS.com.au. “This is a really good bike policy.”

The policy provides benefits for loss and damage, plus cash benefits for bone and dental fractures and loss of income, and even a commuter benefit for riders who cycle to work.

This allows policyholders to “Uber to work until they can ride again”, Mr Abbott says.

The cover is also available for riders aged 10-17.

Customers can buy cover online in less than a minute by answering two questions. They are then put into a pool of 10 people, or they can choose their own pool.

Friendsurance provides customers with an estimated annual premium cash-back payment for staying claims-free.

For example, a bike worth $1000 would have an annual premium of $131, with a potential annual premium cash-back payment of $50, or 38%. The same customer would have an excess of $99 per claim for accidental damage, theft or total loss.