A lot of people today are enthusiastic about cycling. Not only is it a means of transport but cycling regularly also helps you stay fit. However, there are certain unforeseen circumstances like theft and accidents which may be associated with it.
This makes it essential to have a cycle insurance policy in place. Many bicycle enthusiasts use expensive add-ons with their bicycles like additional accessories, tools, etc. Any loss or damage to such accessories can put a dent in your pocket.
What does cycle insurance include?
Following are the different expenses covered.
- Theft and burglary
You can claim compensation amount in case your cycle gets stolen. You can also claim for loss of any accessories, personal possessions, bike boxes, and more.
- Accidental or malicious damage
It covers the costs of replacement and repair in case the bike or cycle is damaged. It also includes damage due to riots, strikes or such situations.
- Worldwide cover
Some bicycle insurance policies also provide coverage for the bicycle anywhere in the world.
- Bike hire replacement
It includes the cost involved in hiring an alternative mode of transport to use when your bicycle is being repaired or replaced.
- Legal expenses
It covers costs incurred in legal actions against a third party for damages caused to your cycle.
You can opt for a cycle insurance by Bajaj Finserv under their Pocket Insurance category to cover your bicycle for damages and losses caused due to strikes, fire, riot, or any such unforeseen incidents.
The Cycle insurance policy also provides coverage in case you meet with an accident.
It gives a significant sum as reimbursement in case an individual suffers loss of sight, limb, or hearing. Conditions such as paralysis occurred as a result of bicycle accident is covered under the policy. The policy also covers death of the policyholder and provides compensation to their family members in such cases.
Bajaj Finserv brings you Pocket Insurance plans that also include sports injury insurance cover to take care of such medical needs.
Terms and conditions during an accidental death
In case of accidental death, there are specific clauses involved in bicycle insurance that are as follows:
- Duration of cover
The coverage is offered to the customers who have registered their bicycle. The policy only applies if the damage or loss occurs when a person is riding the bicycle or in case of loss when parked.
- Exposure to elements
If the fatality is a result of the individual being unavoidably exposed to elements post-accident, the insurance scheme will release the reimbursement as accidental death benefits. The benefits will be provided only if the fatality occurs within 365 days of the date of accident.
The nominee of the insured will receive the benefits in case of a disappearance provided the body is not found within a year of the accident. Also, if it falls under Act of God, it shall be deemed subjective to other provisions and terms of the policy.
How to apply?
Applying for cycle insurance cover is quite easy. Given below are the steps one needs to follow:
- Log on to the website
- Fill in the online application form
- Make the premium payment
These insurance policies cover a wide range of possible scenarios which may result in financial and mental distress. Bicycle insurance in India is convenient and affordable and protects you and your bicycle. It is, therefore, recommended that every cyclist should have insurance for their bicycle to ensure they are protected against losses and damages at all times.