A bicycle is a popular means of transportation, leisure, and exercise in India. A significant number of casual as well as professional riders choose cycling for both practising and working out.
Equipment used by professional and casual cyclists varies a lot. While casual riders often use off-the-shelve units, professional bicycle riders use custom-made, imported cycles that cost anything between Rs. 25,000 to Rs. 50,000. Bicycle insurance becomes an invaluable financial tool to protect such expensive equipment against any accidental or manmade damage.
These insurance policies cover a wide range of possible scenarios that might cause you financial distress. The variety of included scenarios make these policies an ideal tool to protect your expensive bicycle against loss, theft, damage, or vandalism.
What is covered under bicycle insurance in India?
A bicycle insurance policy primarily covers the following incidents –
- Theft or loss – These policies cover theft, burglary, or loss of your bicycle when you are in your house or away. The insurer will reimburse you with up to Rs. 50,000 for any such incident.
Bicycle theft insurance is also available when you are on an overseas trip. These policies offer you worldwide coverage.
- Damage caused by unexpected reasons – Any damage caused by unforeseen incidents including manmade incidents and acts of nature are covered under a bicycle insurance scheme. Cycle insurance offered by Bajaj Finserv under their Pocket Insurance schemes covers any damage caused to the bicycle due to riots, strikes, fire, earthquake, or any such unforeseen incidents.
- Accidental demise – You can get benefits of up to Rs. 3,00,000 for accidental death while using your bicycle. This facility is also available if you use your cycle on an overseas trip.
These insurance policies are ideal for people who use expensive gears and spend significant time practising with their bicycles. Bicycle insurance also comes with several customer-centric features and benefits.
- High coverage – Cycle Insurance Cover by Bajaj Finserv offers coverage of up to Rs. 25,000 or Rs. 50,000 depending on the premium paid. You can choose to pay Rs. 899 or Rs. 1499 annually.
Under this range the nominee will receive Rs. 2,00,000 or Rs. 3,00,000 in case of accidental demise of the policyholder.
- Value of bicycle – The reimbursement depends on either the agreed or the invoice value of your cycle. It allows a broader coverage for equipment of different price bracket.
- Multiple payment options – You can easily pay your insurance premium through online account transfer, credit or debit card, mobile wallet, UPI, etc.
- Easy application process – An individual can apply for bicycle insurance online. They only have to fill the online form with the relevant details and pay the premium to avail the coverage for a year.
- Add-on protection – You have the option to add other insurance schemes along with the cycle insurance policy to extend its cover. For example, Pocket Insurance plans by Bajaj Finserv also include sports injury insurance cover. This insurance policy includes additional medical costs and comprehensive accident coverage for the insured individual.
- Quick claim settlement process – You can lodge a claim by calling the insurer’s toll-free number or through SMS.
A Bicycle Insurance Policy can be an affordable way to protect yourself and your valuable gear while you ride for leisure or practice.