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Top 3 Cycle Insurance Policies in India

It may have seemed unlikely to some that insurance companies provide protection and coverage to cycle owners, but that is quite true. Reputable insurance companies have specially curated insurance plans that cater to cycle owners.

With cycle prices rising, getting an insurance policy for your cycle has never been more important. In fact, some of the prices of high-end cycles would quite frankly shock you. The Propel Advanced Pro 1 Cycle currently retails in India for a whopping ₹459999. The Colnago C64 Cycle takes it even further, by currently retailing for a jaw-dropping ₹796000.

If you’re planning to buy a cycle with a price tag that’s even remotely close to them then you definitely need to insure it. Let’s read about the top 3 cycle insurance policies in India.

Top 3 Cycle Insurance Policies in India

Bajaj Finserv Cycle Insurance

Bajaj Finserv provides a reasonable coverage that starts from 20,000 all the way up to 2,00,000. This quantum of coverage is generally enough for most cyclists. The plan provides protection against theft, natural calamities, and injury to self.

Inclusions

Exclusions

Theft and robbery

Tire wear and tear

Floods, earthquakes,

Wilful negligence

Damage to the rider

General wear and tear of the cycle

Damages caused to third-parties

 

Note: Inclusions mean that the insurance company will provide coverage for that particular event. Exclusions mean that the insurance company will not provide coverage for the event.

HDFC ERGO Cycle Insurance

HDFC ERGO is one of the premier insurance companies in the country, and that is for a reason. They provide an extensive range of insurance products from home insurance to cycle insurance. Let us look at some of the inclusions and exclusions of HDFC ERGO Cycle Insurance.

Inclusions

Exclusions

Burglary and robberies

Tire wear and tear

Fire

Willful negligence

Accidental damage

General wear and tear of the cycle

Damages caused to third-parties

Damages caused while intoxicated

 

Electrical damage

 

Mechanical damage

Cycle Insurance by Toffee (Insured by Chola)

Chola MS provides cycle insurance through the micro insurance platform Toffee. Mentioned within are the inclusions and exclusions of Chola Cycle Insurance. One important benefit that Chola provides is that they provide cashless coverage at authorized service centers.

Inclusions

Exclusions

Theft

Tire wear and tear

Natural calamities like fire and floods

Willful negligence

Accidental damage

General wear and tear of the cycle

Damages caused to third-parties

Damages caused while intoxicated

Lastly, you must ask the insurance company about depreciation. Insurance companies will usually depreciate your cycle thereby decreasing the cover amount. Be cognizant of this. You can also ask for a zero-depreciation rider to avoid this.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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