Can Bicycle Insurance And Bike Insurance Be Covered In The Same Plan?
Can Bicycle Insurance And Bike Insurance Be Covered In The Same Plan?
Table of Contents
It's admirable that an increasing number of individuals are choosing to travel by bicycle and that they're also becoming more health conscious and using exercise bikes as a part of their fitness regimen. They could utilise bicycles for short trips, but every action performed by society to lessen environmental pollution should indeed be commended.
Accidents and other unfortunate occurrences are impossible to anticipate, however you can make absolutely sure you have the required financial security to stave them off. The typical home owner's or renter's insurance policy covers bicycles. After deducting the deductible, the insurance will compensate you for the amount of the sum insured. To know more about bicycle insurance and bike insurance, read on.
All About Bicycle Insurance
In India, cycles are a common form of transportation. It costs nothing, is environmentally beneficial, and needs little upkeep. Indians purchase bicycles not just for transportation but also for recreation and exercise. There are several bike types available in India, with prices starting at Rs. 8 Lakh. Due to a lack of knowledge about its advantages and benefits, cycle insurance is not particularly prevalent in India.
Following are the reasons to own Bicycle Insurance -
-
Security Against Theft
Thefts of bicycles happen often, thus security is required. In India, all cycle insurances include cost protection in the event that the cycle is stolen or robbed. The good news is that the location of the theft has no bearing on the coverage, but the motive does. The claim won't be considered if the theft happened as a result of the owner's negligence, such as failing to use a lock.
-
Financial Cover for Injuries
Small cuts and bruises are a regular and everyday occurrence, but sometimes the injuries are far more serious and require careful attention. In such cases, medical expenses might wipe out all of your money and throw off your budget. To prevent such events, one requires cycle insurance in India, which would pay for all medical costs, allowing the patient to concentrate solely on their therapy rather than worrying about paying their expenses.
Protection Against Natural Calamities - Natural disasters that might harm the cycle are another risk element, in addition to unintentional and theft damage. In India, cycle insurance also guarantees coverage for losses brought on by calamities like earthquakes and floods.
All About Bike Insurance
Bike insurance is an agreement between the owner of the bike and the insurance company that covers the owner financially against any losses or damages resulting from an accident. Bicycle third-party insurance is required in India in accordance with the Motor Vehicle Act of 1988. Any unintentional injuries you get while operating a two-wheeler or motorcycle on Indian roads are covered by your bike insurance.
Following are the reasons to own Bicycle Insurance -
-
Protection Against Natural Disasters
Although they don't happen as often as earthquakes and floods, your bike insurance policy does provide coverage for these events. You may always file a claim for the losses under your bike insurance coverage if you end up being the victim of accidents.
-
Coverage for Injuries
The owner is also covered by the bike insurance policy, which will provide compensation in the event of injuries from bike accidents. The individual can utilise the funds, and depending on the situation, the bike insurance claim amount may vary.
-
Own-Damage Protection
Any collision endangers the lives of those involved as well as the bike itself. A bike insurance policy's financial protection provides a safety net for the insured. You won't go bankrupt because of any harm done to your bike in an accident.
Endnotes
Therefore, bicycle insurance and bike insurance are not covered under the same plan. As both the categories have various types of two-wheelers that get covered under them respectively. But of course, it’s important to have insurance. As it will help you keep your money safe and have the vehicle fixed more quickly. And it has other advantages and lessens your financial load.
Also Read:
