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Cycles are the primary mode of transport for many individuals in India. These men and women never leave their homes without their trusty bicycles.
Thus, any damage befalling these vehicles can be catastrophic to the owners and their daily lives. A cycle insurance policy is designed while keeping such individuals in mind.
Benefits of availing a cycle insurance plan
Availing a bicycle insurance policy will offer individuals the following benefits.
- Considerable sum insured: Sum insured for such a policy is generally substantial, especially when comparing its minimal premium payments.
- Worldwide coverage: Policyholders can enjoy the benefits of such plans worldwide. If any rider takes his/her bicycle on a trip within India or abroad, this policy will help riders to pay for any damages or repairs incurred during such trips. Further, they can avail of any additional benefits linked with the insurance cover.
- Cover for various scenarios: Such an insurance policy covers liabilities arising from unforeseen scenarios, like theft, burglary, fire, riots or other damages.
- Death benefit: Individuals with registered cycles can also take advantage of death benefits. If the rider dies due to a cycling accident, his/her family members can claim the death benefit payout for sustenance.
- Financial assistance against invoice value: The aid you are liable to receive from such an insurance plan depends on the invoice amount for your vehicle. Ensure you provide the financial company offering the policy the actual receipt for your cycle. This should help determine the maximum financial assistance that you can claim in the event of damage or theft.
Whatever the role or purpose of a bicycle is, they are important to every owner. So, owners can opt for a cycle cover to save their investment. It can help keep financial liabilities at bay, ensuring continued usage.
Also Read: What You Should Know About Cycle Insurance?
