As per data published by the All India Bicycle Manufacturers Association, more than 4180000 bicycles were sold in India between May and September. Recently, more individuals are adopting this two-wheeler solution to travel short distances and as a part of their workout. In fact, bicycles are rapidly becoming a popular option for daily commute in India again as different sections of the society are trying to regulate the growing pollution level. Go for cycle insurance for safety. Let’s discuss more.
Nevertheless, when it comes to a bicycle, the risk of theft or accidents is very high compared to a four-wheeler. Hence, availing a cycle insurance cover can be an ideal option to counter unforeseen events by ensuring financial security.
The following are the different types of coverages that are included in a cycle insurance plan:
Not all roads in India are cycle-friendly. Therefore, the chances of facing a detrimental situation are relatively high. Nevertheless, to cushion the associated financial risks, individuals can choose to avail Cycle Insurance Cover extended by Bajaj Finserv under Pocket Insurance & Subscriptions. You can easily apply for this insurance without any hassle with various payment modes.
One can get financial coverage of up to Rs.25,000 for cycle damage and Rs.2 lakh for accidental death by paying an affordable premium. Alternatively, individuals can choose to pay extra avail a higher coverage limit of up to Rs.50,000 for cycle damage and Rs.3,00,000 for accidental death. Moreover, it offers worldwide coverage making it an ideal option for individuals looking for the best cycle insurance policy.
- Burglary or theft
As noted above, cycles are easy targets for burglars and thieves. Hence, it is imperative that individuals avail the best bicycle insurance cover to get maximum financial coverage against theft. If their bike gets stolen, they will receive compensation for such loss.
Since India’s roads are not best-suited for cycling, these lightweight two-wheelers are susceptible to regular wear and tear. Moreover, some parts, for instance, the pedals, maybe heavily damaged following a severe accident, for which one has to incur hefty repair bills.
These were the different types of coverages that are included in a cycle insurance plan:
Cycle owners may consider availing pedal insurance to account for the cost of repair better. Ideally, individuals can get a coverage of up to Rs.2 lakh at a nominal premium. If an individual meets with an unfortunate accident leading to death, the nominees will be paid Rs.2 lakh for their loss. Moreover, the pedal cycle insurance policy provides coverage of up to Rs.15,000 if the policyholder seeks medical care in an Outpatient Department (OPD). Furthermore, it also offers coverage of up to Rs.1 lakh in case of accidental hospitalization.
Nowadays, individuals use various gadgets, such as fitness bands and smartwatches, to track their fitness while cycling. These fitness wearables help individuals to track their heart rate, sleep quality, calorie intake, and more. However, these gadgets are expensive and difficult to replace.
Hence, if an accident occurs, there’s a high possibility that these gadgets might get damaged. Therefore, to protect your financial investment in such devices, one can avail fitness wearable insurance. Such a cycle insurance cover policy enables individuals to claim replacement costs in case of a breakdown caused due to any electrical or mechanical failure. Moreover, it also extends accidental damage cover. Therefore, individuals can recover the replacement or repair costs incurred easily without increasing their financial distress when met with such an unfortunate situation.
The application procedure for bicycle insurance online India is now hassle-free as most insurance aggregator has simplified
the same significantly. Furthermore, they have created user-friendly online portals to help applicants navigate through each step easily. One can avail any insurance policy by following three simple steps. They need to visit the official website, fill up the application form, and pay the premium amount.
Nevertheless, before initiating the application procedure, individuals must compare the different coverage plans to avail the best-suited cycle insurance cover that accompanies extensive coverage and extends a simple claim process.
Read More: Types of Insurance