Cycling is developing to be a popular method of commuting as it serves as a form of exercise as well as eco-friendly transport for cities and other areas. Nevertheless, due to the nature of traffic in India, it has been observed that more than 25,000 cyclists have been involved in some form of accident in the last 2 years.
Thus, availing Cycle Insurance Cover from Bajaj Finserv is becoming a vital prerequisite of owning a bicycle in the first place.
There are several benefits available on cycle insurance offered by major financial corporations, such as -
1. Coverage for medical costs
In case an individual meets with an accident while cycling, all medical expenses pertaining to hospitalisation and recovery are borne by the insurer. If the accident turns out to be fatal in unfortunate circumstances, a substantial amount is disbursed as compensation to the immediate family member.
2. Nominal premium payments
Cycle Insurance Cover offered by Bajaj Finserv under its Pocket Insurance and Subscriptions is extended against reasonable annual premium payments. Furthermore, the policy payments are hassle free, through various methods such as net banking, debit/credit cards, UPI transactions, etc.
3. Coverage in various situations
Financial coverage is also extended in case of theft or misplacement of the bicycle, any damages caused due to fire, riots, curfew, other man-made calamities as well as natural calamities. Such damages are all compensated by the insurer in case of a cycle insurance policy.
Reimbursement on such insurance amounts to the agreed-upon or invoice value of an insured cycle (not older than one year). Claim settlement process tends to be relatively hassle-free as well, as complaints can be lodged directly through one phone call or email.
Availing such bicycle insurance reduces a cyclist’s financial burden, as he/she does not constantly have to be worried about experiencing financial loss post being involved in an accident.
Read Also: Insure your Bicycle with a Cycle Insurance Policy From Bajaj Finserv
