Bicycles have become one of the most preferred and cost-effective modes of transport today, especially in Tier-1 and Tier-2 cities that experience heavy traffic during peak hours. It acts as a mode of transport for shorter commutes, and provide means of basic exercise in today’s busy routine.
Unfortunately, cycling through congested roads, heavy traffic, uneven roads, etc. comes with risks like accident and injury to the rider. Even if one is careful enough, such mishaps can occur any time, considering the busy roads in big cities. A collision might end up causing a rider to bear unplanned expenses of hospital charges and the cost of repairing their cycle.
Bajaj Finserv provides a comprehensive and well-planned Cycle Insurance Policy under Pocket Insurance and Subscriptions, to address any sort of financial loss incurred during the everyday commute. A bicycle insurance policy also provides the required financial assistance to compensate for theft or loss of the insured bicycle. Accidental death caused while riding the insured cycle is also compensated for under this policy.
The number of road accidents across India is increasing at an alarming rate as the traffic in major roads are increasing. The importance of having bicycle insurance India is thus growing along with it. It is wise to look for an affordable and comprehensive insurance scheme for your cycle soon after you purchase it. Insuring your bicycle with the best bicycle insurance policy keeps you prepared well in advance to cope up with any kind of unpleasant event occurring concerning the bicycle.
Exclusive features in a cycle insurance policy
The benefits you can enjoy with the cycle insurance scheme are as follows-
- High coverage sum assured
You can avail a coverage sum up Rs. 25,000 and Rs. 2 Lakh for accidental death while riding the insured cycle. For this coverage plan, the premium charges are Rs. 899 per annum. A coverage sum of up to Rs. 50,000 to Rs. 3 Lakh can also be availed by paying a premium of Rs. 1499 per annum. You can choose from the available plans as per your budget and other requirements.
- Worldwide coverage
The insurance-holder might have plans to take the bicycle abroad for a leisure trip. As such, a bicycle theft insurance policy or an insurance scheme that covers the expenses incurred while repairing damage is a must. A cycle insurance scheme provided by Bajaj Finserv comes with worldwide coverage for the same. This means that the plan will provide compensation for damage, theft or accidental even when it happens during an overseas trip.
- Convenient options to pay premium charges
You pay the premiums of bicycle insurance online. Several payment options such as mobile wallets, UPI, online account, credit or debit cards can be used to pay the yearly premium fees.
- Extensive coverage
While selecting the best bicycle insurance policy, an individual looks for a plan which offers maximum coverage to the rider and the cycle. The expenses covered under the cycle insurance scheme from Bajaj Finserv are as follows-
- Damage caused to the cycle due to fire, strikes, riots, or any such events.
- Burglary or theft.
- Damage to the bicycle caused by an accident.
- The accidental death of the rider while riding the cycle.
- Reimbursements against the pre-declared or invoice value of the insured item.
In case you face an accident while riding your cycle, insurance schemes like the Pedal Insurance plan offered as Pocket Insurance and Subscriptions from Bajaj Finserv along with the bicycle insurance policy can ensure additional financial coverage.
Commuting by a cycle also boosts the fitness of the rider. Cycling is often considered a great exercise with multiple benefits. Fitness freaks often opt for fitness wearable insurance policy to protect the fitness bands and gadgets from damage. This cover plan teamed with a bicycle insurance online India is a perfect deal for fitness enthusiasts.