Published on February 23, 2023. EST READ TIME: 3 minutes
If you’re an avid cyclist, then you understand how important it is to have a reliable and safe bike. There are many ways to keep your bike safe, including investing in quality locks and making sure it’s kept in a secured place. But one of the most important steps you can take to protect your bike is to get it insured. Cycle insurance can help cover the costs of repairs or replacement if your bike is damaged, stolen or involved in an accident. In this guide, we’ll explain why this insurance is essential and how to pick the best policy for your needs. From understanding the different types of coverage to figuring out what you need to make a claim, we’ll cover everything you need to know about cycle insurance.
What is cycle insurance?
It is commendable that an increasing number of individuals are stepping forward and choosing cycling as their form of transportation; moreover, they are becoming health aware and use bicycles for commutes that doubles up as exercise. Individuals may ride their bikes for short distances, but any tiny move made by society to reduce environmental damage should be applauded. Unforeseen catastrophes, such as accidents, cannot be predicted, however, you can ensure that you possess the required financial security in case they happen.
A cycle insurance offers financial coverage in case the insured cycle incurs any damage or loss due to accident or theft. It also includes personal accidental cover in case the cyclist is injured.
Here is a list of cycle insurance policies available in the Indian market:
1. Road cycle policy
Road bikes have downturned handlebars and narrow tyres and are renowned for their speed and manoeuvrability. Road cycling is an amazing way to travel, explore, and exercise. Whether you’re a beginner or an expert, it can offer you a great deal of enjoyment. However, having a road bike can also come with some risks. Accidents, theft, and other losses can have a significant financial impact on the cyclist. That’s why it’s important to have the right road cycle policy in place.
2. Mountain cycle policy
Mountain biking is an exhilarating and thrilling sport that can be enjoyed by people of all ages. However, it can also be quite risky, and it is important for mountain bikers to invest in mountain cycle plans to protect themselves from any potential risks. Mountain cycle insurance covers a variety of risks, including accidents and theft. If you are involved in an accident, your mountain cycle coverage policy can help cover medical bills and other costs associated with the incident.
3. Hybrid cycle policy
Hybrid bikes are becoming increasingly popular due to their versatility, allowing riders to enjoy the benefits of both a road bike and a mountain bike. However, owning a hybrid bike means you face the same risks as any other cyclist, such as theft and accidents. That’s why it’s important to make sure you have the right insurance for your hybrid bike. A hybrid cycle policy covers the risks of theft and accidents. It may also cover any medical expenses incurred due to an accident as well as repair costs for any damaged items.
4. Trick cycle policy
Trick cycling is a popular and growing sport, and with it comes the need for proper insurance coverage. Trick cycling involves riding a bike in a particular way to perform stunts, tricks, and jumps. Unfortunately, these activities can also be dangerous, meaning that trick cyclists must ensure they are properly covered in case of an accident or theft. A trick cycle coverage policy is designed to protect riders from the risks associated with trick cycling, including accidents, theft, damage to the rider, and even liability claims.
5. Commuting cycle policy
Cycling to work is becoming more and more popular as people realise the many benefits it offers, including improved physical and mental health, reduced pollution, and cost savings. Unfortunately, cycling can present risks such as theft, accidents, and road hazards. That's why it's important to protect yourself with commuting bicycle coverage. A commuting cycle policy offers comprehensive coverage for your bike against losses and damages due to theft and accidents. It also covers you if you are injured or hurt in a cycling accident.
6. Kid’s cycle policy
As parents, we want to give our children the best possible start in life. One way of doing this is by encouraging them to be active and to find an activity that they enjoy. Cycling is a great way for kids to stay healthy and active, but it can also be costly. You need to buy the right size bike, helmet, and other safety gear, and then there's the risk of theft or damage. That's why investing in kids’ bicycle insurance is a smart move. Kid’s cycle policy offers coverage to children's cycle against losses and damages.
7. Exercise cycle policy
Whether you're a seasoned cyclist or a novice, having an exercise cycle can help you stay fit and healthy. But, as with all investments, there's always the chance of loss or damage. That's why it's important to consider getting exercise bicycle insurance. An exercise cycle policy is designed to protect the cycle from losses and damages caused by unexpected circ*mstances.
Who should consider bicycle insurance?
As a result, as a bicycle enthusiast, you should search for insurance coverage in the format of bicycle coverage plans that covers both the pedal cycle as well as the exercise cycle. However, bicycles are insured under a base house insurance or home content insurance policy. After deducting the deductible added to the plan, the policy will compensate you for the amounts covered.
What is covered & what is not?
Here is a list of cycle coverage inclusions:
1. Fire damage cover
2. Burglary and theft cover
3. Accidental damage cover
4. Third-party liability cover
Here are the policy exclusions:
1. General wear and tear of the cycle
2. Tire damages
3. Claims arising due to driver’s intoxication
4. Claims arising due to owner’s negligence
5. Mechanical or electrical breakdown
6. Self-damage
Note: This is a generic list of policy inclusions and exclusions. Refer to your policy documents or contact your insurance provider to get a detailed list.
Frequently asked questions
1. Does cycle coverage plans cover self-damages?
No. Cycle coverage policies do not usually cover self-damages to the bicycle.
2. Does cycle coverage plans cover third-party damages?
Yes. Third-party damages are covered by cycle coverage plans.
3. How to buy cycle coverage?
Contact your insurance provider and complete an insurance application form to get a cycle coverage plan.
Conclusion
Just like snow days and frozen pipes, bike theft is one of those things that no cyclist wants to think about, but unfortunately, it’s a reality. It doesn’t matter how careful you are or how tight a leash you keep on your bike, sometimes thieving scoundrels just swoop in and make off with your wheels. If you want to keep your bike safe, you’ll probably want to invest in some quality locks. But accidents happen and locks can be cut; in the long run, it’s important to have some form of insurance for when things go wrong.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
RELATED ARTICLES
5 Home Insurance Coverages Everyone Should Have
Turkey-Syria Earthquake: How a Home Insurance Can Come To Your Rescue During Such Times?
How can Home Insurance Add-on Covers benefit you?
