Insurtech Flip, a wholly owned subsidiary of HCF Life, says it has introduced Australia’s first on-demand injury insurance for as little as $6 a day.

There are two main cover options – a day pass for a single day of cover, or an “always on” subscription for ongoing protection costing $9 a week. It can be cancelled any time and has a “Boost” option to double the payout rates for $6 extra on any chosen day. There is no waiting period and no cancellation fee.

“Whether you break a leg skiing or tear a ligament getting out of the bath, we've got you covered,” Flip’s website said. “You might want cover for a day this week, and cover for the whole of next month, but no cover for the next 6 months. It’s all good - with Flip, the choice is all yours.”

Unlike health insurance, Flip says it just covers specific injuries caused by accidents and policyholders receive cash payouts directly to spend however they like.

“We’re the first Australian insurer offering insurance by the day and as a weekly subscription that you can turn on and off as needed, and you can double your cover amounts when you feel most likely to get an injury.”

The cover offers a payout of $20,000 for injuries where the loss is total and irreversible, such as permanent loss of arms and legs, and hearing and sight which can’t be corrected.

A payout of $2000 for surgery requiring admission to hospital and major dental treatment is covered while a payout of $200 covers sprains and strains, wounds requiring stitches or ongoing care, minor dental injuries, broken bones and dislocated joints that don’t require surgery. Policyholders must see a health professional to confirm the injury within 14 days of the accident.

Premiums for Flip cover are paid to HCF Life, which receives commission of 80% of HCF Life’s underwriting profit each year calculated as premiums less claims and expenses.

Motorcycling, dental injuries while eating or drinking and accidents outside Australia are not covered.