Going for Bicycle Insurance- Consider these Factors
According to the Goldstein Research prediction, the bicycle industry in India will grow at a CAGR of 8.6% and is to reach 26.4 million units by the end of 2024. This growth in the number of bicycle units also contributes to the growth of high-value e-bikes and sport bicycles from renowned brands like Sturdy, B’Twin, etc.
Since individuals nowadays prefer a healthy lifestyle and participate in various sports activities involving bicycles, the demand for such bicycles is expected to rise. Nevertheless, manufacturers build a sturdy unit that can sustain even the extremes of conditions.
With a robust structure and modern styling, such bicycles come at a high price and having it damaged can put one in substantial financial loss. Opting for a bicycle insurance policy, in this case, will help individuals financially in case of repairs.
However, they must consider a few factors before purchasing a policy to maximize the benefits and avail a hassle-free experience.
What to consider before purchasing a bicycle insurance policy?
Purchasing an insurance policy to acquire financial coverage should the bicycle meet a peril like theft, damage, etc. can be more difficult than one realizes. An individual is likely to avail more benefits if they choose the right insurance product that can tend their need.
Customers can consider pointers mentioned below before paying a premium for a policy –
- High sum insured
The cost of high-end cycles may range up to Rs.50,000 and acquiring an insurance policy that doesn’t provide such high range coverage will be an obvious loss from the insured’s perspective.
Individuals should rather choose a cycle insurance policy that caters to their needs according to the bicycle they possess. Some financial companies offer coverage of up to Rs.50,000 at a nominal premium fee.
- Worldwide coverage
Individuals should seek a policy that provides worldwide financial coverage to the insured irrespective of his/her location. Meaning, if they are to travel to a hilly location and their cycle is damaged, they can expect monetary assistance.
- Easy to pay premiums
Ease in paying a premium fee is another consideration as it can aid in the customers’ experience of availing a policy. Insurance aggregators like Bajaj Finserv provide Pocket Insurance & Subscriptions like the Cycle Insurance Cover insurance plan that offers customers multiple payment options.
- Burglary and theft cover
Individuals should look for the best cycle insurance in India that provides coverage for the damage or loss caused to the bicycle due to burglary or theft.
- Coverage against fire and riot incidents
Damage caused to the bicycle because of incidents of fire or riot can be claimed if an individual has availed a policy beforehand. Such unforeseen incidents can cause potential damage to the high-value bicycle and having coverage for this will surely help.
- Accidental damage coverage
Individuals can look for a policy like pedal insurance to avail financial assistance for the accident caused to the insured rider. They will be able to receive monetary assistance for accidental OPD check-up or even for hospitalization. Some financial companies even provide coverage up to Rs.1 lakh to insured individuals of the pedal insurance policy.
- The accidental death of the rider
One may consider opting for a bicycle insurance policy that provides monetary compensation to the registered nominees of the rider in case the insured candidate meets accidental death.
These considerations are integral for customers to acquire the most out of the premiums they pay at unfortunate situations. They should also consider paying for a sports/fitness injury insurance cover if they participate in sports activities of cycling or riding a bicycle in meandering or hilly roads.
Individuals keeping these things in mind will make wise decisions regarding buying a bicycle insurance policy. Make sure to avail the required financial assistance according to the bicycle one possess and their usage behavior.