Every year, over half a million bicycles get stolen, damaged and face road accidents. Whether you ride through the busy city roads casually or cycle professionally, you can financially safeguard your two-wheeler against loss, theft or damage with a cycle insurance plan.
Importance of purchasing an insurance plan
There are some vital reasons to insure a bicycle.
- Despite maximum security, you cannot overrule chances of theft. Without any insurance plan, you may end up bearing significant replacement charges.
- The two-wheeler may also experience third-party damage from another vehicle or individual. Often, minor hits can result in major damages like broken braking mechanism, unstable wheel rim, etc.
As advanced models come at a higher price, any damage or loss can incur huge expenses for the owner of the bicycle. Moreover, not just the vehicle, but the rider may also suffer injuries due to a mishap. A bicycle insurance policy provides comprehensive coverage against such incidents at an affordable premium.
Features of a cycle insurance policy
The set of features and benefits can vary depending on a particular insurer. Usually, customers can enjoy the following benefits –
- Avail a high coverage limit
Leading NBFC, Bajaj Finserv offers Pocket Insurance scheme such as cycle cover with –
- Coverage up to Rs. 25,000 for the insured cycle along with accidental death cover up to Rs. 2 Lakh for the rider at an affordable premium of Rs. 899 only.
- Up to Rs. 50,000 as cycle cover and Rs. 3 Lakh as accidental death cover. The annual premium for this policy is only Rs. 1499.
- Pay premiums via multiple modes
Pay the annual premiums via your preferred payment mode like mobile wallets, UPI, online account transfer, debit cards, credit cards, etc.
- Enjoy insurance coverage across the globe
Opt for an insurance policy which provides worldwide coverage if you take your bicycle along with you on a foreign trip. The best cycle insurance plan in India also covers accidental demise incurred while riding an insured two-wheeler.
- Comprehensive coverage
A cycle insurance plan may provide coverage for a host of expenses incurred because of unforeseen situations. Below are a few of those:
- Any damage caused due to strikes, riots, fire or such other events.
- Incidents of theft or burglary. In this case, reimbursement will be made against the cycle’s invoice or agreed value.
- Accidental damage of bicycle.
- The accidental death of the rider.
Things to check before buying a bicycle insurance plan
There are certain things you must check before purchasing an insurance plan.
- Check the complete list of exclusions and coverage benefits.
- Enquire about the policy tenor.
- Confirm if your cycle is eligible to be insured. It might vary depending on its year of purchase.
- Most insurers require customers to register their two-wheeler for the coverage benefits. Follow the proper guidelines to enjoy maximum benefits.
- Lastly, inquire about the types of policies to find out the most suitable one for your requirement. For example – a pedal insurance plan provides coverage against any kind of accidental injury sustained by the rider.
Steps to buy the policy
Nowadays, purchasing an insurance plan has become significantly easier and hassle-free thanks to the integration of the online application process. While the process may vary with insurers, the basic steps are as follows –
- Fill up the online application form available on the insurer’s website.
- Go through all the details to ensure there is no error, and submit it once done.
- Finally, pay the annual premium through your chosen payment method.
How to claim your coverage?
In case of any unexpected incident, you can easily claim your coverage benefits by contacting the insurer. Call their customer care number or send an SMS claiming the same.
Purchasing the appropriate cycle insurance plan in India is crucial to avoid any loss incurred due to an unforeseen incident. No matter which model you own, ensuring your bicycle can save you from harms incurred on both you as a rider, and your vehicle.