Things To Remember Before Buying A Bicycle Insurance Plan

Cycling is one of the easiest yet effective exercises in the world. However, whether on a busy city road or riding uphill, there are always chances of some potential hazards involved in riding a bicycle. You can be a victim of theft, loss or damage to your cycle, etc. Investing in a bicycle insurance policy is, therefore, essential to deal with such situations. The policy will financially cover your cycle against theft and accidental damages. It will also cover your every eventuality if you ride a lot. 

Why avail a cycle cover in India?

The most comprehensive way to insure bicycles is to avail a cycle cover insurance scheme. One of the prominent financial companies, Bajaj Finserv, offers such policy under their Pocket Insurance schemes. With this bicycle insurance plan in India, you get all-round financial coverage against:

  • Theft and burglary. 
  • Accidental damage. 
  • Event coverage such as damages from fires and riots. 
  • Accidental death, etc. 

As per a report by the Insurance Regulatory and Development Authority (IRDA), 87% of all claims are approved within 24 hours. This makes bicycle insurance policies a top-choice for cyclists. 

Things to keep in mind while opting for a cycle cover

While opting for a cycle insurance plan, keep in mind that – 

  • The policy’s tenor is usually 1 year. 
  • The insurance holder’s bicycle must not be more than 1 year from the date of purchase.

More on a bicycle insurance policy for cyclists

For cycle enthusiasts planning a bike expedition abroad, it is vital to assess if the insurance plan is worth considering. Check whether the insurance policy covers you while you are on holiday or not. Note that most policies do not include any form of sports like mountain biking. Such bike insurance schemes also do not provide coverage against damage of rental bikes. 

Plus, when you are out for expedition or tour, you can consider an insurance policy that can safeguard your valuables back at home. For instance, apply for a home protection cover which will provide coverage against accidental damage of property and mitigate financial losses from theft and burglary. 

Apart from securing your two-wheeler, you can also consider insuring the next best gear that you wear for safety with policies like helmet insurance.  

Unlike a cycle insurance policy, helmet cover can protect your financial investment made towards your headgear. This policy offers coverage for your helmet against loss or damage from accidents, burglary and theft. 

Benefits of cycle insurance schemes

  1. Get full financial coverage to replace your cycle provided it is not more than 1 year from the purchase date. 
  2. You will be insured out on the road as well as at home. It proves advantageous over a home protection plan as it covers only when the bicycle is at home.

How to apply?

Applying for bicycle insurance online is convenient if you follow the steps mentioned below:

Step 1: Log on to the insurer’s official website.

Step 2: Fill out the application form online with the necessary details. 

Step 3: Pay the premium payment. 

Step 4: Submit the application with the required details. 

How to claim?

For lodging a claim request for your bicycle insurance plan, you need to inform the customer care team within 24 hours of damage, loss or theft. Following that, you need to furnish these documents:

  1. a) Invoice or copies of the bill
  2. b) Duly-filled claim form
  3. c) In case of theft or burglary – FIR copy 

Now that you know about the cycle insurance policy, you can make an informed decision as to who can provide with the best plan for your needs.  

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