Cycles still continue to be among the most popular modes of commute for numerous individuals across the length and breadth of this country.

Cycling has also taken to different heights as a sports activity with numerous enthusiasts playing their part in popularising it mostly across Indian urban spaces.

Dedicated cyclists often use expensive equipment including imported bicycles, expensive kit and tools, etc. Cycle insurance becomes necessary to protect valuable equipment against harm like theft, vandalism, accidental damage, etc.

Keeping your cycle secure

Most cycle insurance policies cover every possible scenario you might come across. It is an ideal tool to keep your ride secure and ensure you don’t experience a financial setback in case of theft, loss, damage, or vandalism.

These insurance policies cover –

  1. Incidents of burglary or theft – Cycle insurance cover protects against any theft or burglary incident of your bike while you are in or away from your home. These insurance schemes offer a hefty reimbursement in case of such situations.
  2. Damage caused by a natural disaster – The best cycle insurances will also protect your bicycle against natural calamities like fire or flood. Certain manmade incidents like riots and strikes are also included in their protection policies.
  3. Accidental demise – You can protect yourself against accidental death with this insurance. You can avail accidental death benefit of up to Rs. 2,00,000 with a premium of Rs. 899, or pay Rs. 1499 to get benefits of up to Rs. 3,00,000.

You can also add-on other insurance schemes like Sport/Fitness Injury Insurance brought to you by Bajaj Finserv to protect yourself against smaller accidents. These policies offer a large coverage (of up to Rs. 2 Lakh) against small premiums of as low as Rs. 499 a year. It is an ideal product for active people who love cycling.

  1. Damage caused by external means – You can avail cycle insurance in India to cover any incident of vandalism or intentional damage. The reimbursement amount depends on the agreed value or invoice price of your bicycle.

You can avail a Cycle Insurance among Bajaj Finserv’s easy-to-avail Pocket Insurance schemes.  This insurance policy offers Rs. 25,000 or Rs. 50,000 for your cycle against an annual premium of Rs. 899 or Rs. 1499 respectively.

However, there are certain expenses or losses that will not be covered under cycle insurance. As a policyholder, you should be aware of these exceptions as you select a particular insurer to cover your ride. Although these exemptions may vary between different financial institutions, some common ones may include –

  • Gradual cost – If your cycle comes across any loss or damage during modification or restoration, servicing, preventative maintenance, it will not be covered under the insurance policy. Also, deterioration caused by regular wear or negligence will not be reimbursed.
  • Damage to fragile parts – Any damage to fragile or brittle parts such as glass, lenses, and sports gear will not be covered under cycle insurance.
  • Mechanical breakdown – Damage caused by mechanical breakdown of the internals will not fall under the insurance policy unless specially mentioned.
  • Legal liabilities – Certain insurers may not cover specific consequential losses or legal liabilities. These include any loss or damage contributed by the insured and loss or damage incurred because of misplacement or intentional conduct associated with the insured item. It both cases ordinary insurance as well as cycle theft insurance will become null and void.

Insurance for a bicycle is an essential product for every cycling enthusiast. Its wide coverage, affordable premium, substantial disbursement amount and insurance claim process makes it ideal for every cyclist.