Cycles are probably one of the most popular, and economical mode of short-range transport systems in India. Cycling is, moreover, a healthy practice which keeps away heart diseases, obesity, arthritis, diabetes, cancer and many other diseases. Whether you are a passionate or professional cyclist, it is essential to protect your two-wheeler with a cycle insurance plan.
Importance of a bicycle insurance policy in India
Nowadays, most bicycles come with the expensive mechanism and technology to match different requirements of riders. It is essential to protect such costly investments against unnecessary expenses incurred due to unexpected incidents.
- Damage
Your bicycle may suffer damage due to third-party, riot, traffic, fire, acts of terrorism, etc. Also, it can fall prey to natural disasters like earthquakes, floods, etc. which can further damage your precious possession. While prevention may not work out here, you can certainly insure your bicycle for comprehensive financial protection in case of damage.
- Robbery
Unfortunately, bicycle theft or robbery is quite common in India, no matter whichever locking mechanism you install. The replacement costs are equally higher, especially of an expensive model. With a bicycle insurance policy cover, you can manage the financial loss effortlessly with a significant reimbursement. Without one, the entire cost needs to be borne by you.
- Accidents
According to records, around 1.5 Lakh deaths from road accidents happen in India every year, and 25% of which happens with two-wheelers. The possibility of an accident is even higher for mountain bikers and professional cyclists.
During such incidents, riders may end up with fractured bones, broken teeth, severe bruises, etc.
The best insurance policies, therefore, provide coverage for accidental death or permanent disability of the rider. You can also opt for a pedal insurance plan which generally covers accidental hospitalisation, medical care in OPD and accidental death. Avail high coverage limit up to Rs. 2 Lakh against a premium of Rs. 499.
- Overseas travel
If you plan for an overseas bicycle adventure, cycle cover is one of the most important things to consider. It financially safeguards you and the two-wheeler in cases of loss, theft, damage or accidents at an unknown place. An insurance plan with worldwide coverage is ideal to manage such expenses effortlessly.
A cycle insurance policy in India helps in reducing the huge expenses that the above-mentioned unforeseen incidents may incur. Leading financial institutions offering insurance plans come with coverage up to Rs. 25,000 and Rs. 50,000 at premiums of Rs. 899 and Rs. 1499 respectively.
Bajaj Finserv offers several Pocket Insurance schemes such as cycle insurance policy. It comes with a plethora of features and benefits for eligible customers.
What are the features and benefits of the cycle cover?
Various insurance plans offer different features and benefits. Some of the significant advantages include:
- Multiple payment options:
Companies nowadays accept payments via various modes including UPI, credit cards, debit cards, mobile wallets or online account transfers. So, you can pay the annual premiums instantly without any hassle.
- High coverage limit for accidental death
In case of accidental death, the insured can avail coverage up to Rs. 2 Lakh at only Rs. 899 per year. He/she can avail even high coverage limit up to Rs. 3 Lakh at premiums starting from Rs. 1499 p.a.
- Reimbursement of the bicycle’s value
The pocket insurance scheme reimburses the invoice or agreed value of the vehicle, whichever is less. This can significantly bring down the expenses suffered, especially for an expensive product.
Catering to the rising demands, insurance companies have made it extremely convenient to buy a policy. You can now apply online via simple application forms and pay the premium to complete the process. Approach a trusted financial company for the most suitable cycle cover.
