According to the research report by TechSci, the bicycle industry is estimated to grow at a CAGR of above 11% within 2016 – 2021. The various schemes provided by the Government of India along with the diverse number of health benefits that cycling offers contribute to the rising number of bicycle owners in this country.

Bicycles are available in a wide range of prices and models based on user preferences. The features provided by the high-end bicycles make these worth their prices. However, considering that you opt for a bicycle as expensive as any other two-wheeler, it is essential that you avail a cycle insurance scheme.

This insurance policy will provide you with maximum coverage against theft, physical damage, etc. It is easy to apply for this policy, and if you avail the best covers, the benefits are manifold.

Benefits of cycle insurance scheme:

Cycling is often preferred for exercising and sustainable commute. However, the busy roads with potential hazards are not exactly safe for expensive bicycles. It can even lead to fatal accidents. Following this, there will be a substantial cost involved considering the original price of your cycle’s model.

This is where the cycle insurance cover offered by Bajaj Finserv under their Pocket Insurance category comes in. The reasons to apply for it are evident through its various benefits:

  1. High coverage limit

Customers may get coverage of up to Rs. 25,000 for cycle and Rs. 2 Lakh for accidental death for a premium of Rs. 899 per annum; or Rs. 50,000 for cycle and Rs. 3 Lakh for accidental death for a premium of Rs. 1,499 per annum.

  1. Multiple premium payment options

Customers can pay their premiums through numerous options. It includes credit card, debit card, UPI, online account transfers, and mobile wallets.

  • Coverage at a global level

In case a customer is on an overseas trip and has the cycle with him/her, he/she will get full coverage for any damage to that cycle.

Additionally, it also provides coverage for –

  • Any accidental damage to the cycle
  • In case of theft and burglary of the bicycle
  • Accidental death (for the customers with registered bicycles)
  • In case of any damage caused to the bicycle due to unforeseen situations like riots, fires, strikes, etc.
  • The invoice or agreed value of the cycle.

More people are getting their bicycles insured nowadays considering the benefits offered. You may also consider daily commute insurance cover to cover yourself against everyday travel risks.

How to buy a bicycle insurance policy?

Applying for bicycle insurance cover is easy. All one has to do is follow the following steps –

STEP 1: Log on to Bajaj Finserv website.

Step 2: Click on ‘Products’ tab and click ‘Pocket Insurance’ from the list shown.  

STEP 3: Select Cycle Insurance from the list of products shown, read the detailed coverage and exclusions and proceed to ‘Buy’

STEP 4: Fill in the online application form for the policy.

STEP 3: Pay the chosen premium via a convenient mode.

How to make a claim?

Clients can lodge a claim for not more than the amount insured under the policy. You may contact the insurer through email or telephone and inform them that you would like to make a claim. The claim support executive will guide you with the process further.

Whether one chooses to buy a cycle for daily commute or exercise, a bicycle insurance policy can act as a crucial backup when they face situations that are unpredictable in nature. This will provide them with the required financial assistance in case of any unforeseen situation. One may also check out Pedal Insurance offered by Bajaj Finserv.

However, do avail cycle insurance scheme only after careful research of the available products. Make sure that you go through the terms and conditions and the coverage that it provides.

About The Author

Larry Newman

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