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Cycle Insurance

It’s appreciable that more and more people are coming forward and adopting cycle as their mode of commute, also they have become health conscious and are using exercise bicycles as a part of their workout. They may use the cycle for short distance travel but every small step taken by the society which helps in reducing environmental pollution should be encouraged. Unfortunate events like accidents can never be predicted but you can make sure that you do have the necessary financial protection to counter.

So as a bicycle rider you need to look for insurance coverage in the form of a bicycle insurance plan which offers coverage for pedal cycle and also the exercise cycle. Bicycles are covered under standard home owners, renters plan. The coverage will reimburse you the sum insured amount after reducing the deductible.

Types of Bicycle

Whether you are using your mountain cycle to reach the hill top, maneuvering the bustling city roads with a road cycle or performing stunts with your favorite BMX/trick Cycle. Each of them comes with their own set of challenges and share of uncertain risks which can cause severe damage to the cycle resulting in high financial expenses for you. It would be a wise decision to get your cycle insured instead of paying the damage bills from your own pocket.

  • Road Cycle: These cycles are characterized by skinny tires and down turned handlebars. They are known for their extreme efficiency and speed, but untoward incidents like accidents can damage your bike, by getting your bicycle insured from HDFC ERGO you can save the cost of repair of your cycle.


  • Mountain Cycle Although these cycles have knobby tires which help them to move over the obstacles and have flat handlebars and rugged handlebars and components, cycling on a mountain could have its own share of risks like skidding that can inflict damage to your cycle, HDFC ERGO offers insurance solution to cover these risks.


  • Hybrid/Comfort Cycle These bicycles have slightly thicker wheels in comparison to the road cycle but lesser than the tires on the mountain cycle. They can be used comfortably on rugged terrain, trails or a family cycling trip.


  • BMX/Trick Cycle Bicycle Motor Cross is used for racing on a short dirt track which is similar to a motorcycle. These cycles are durable and are used by people intending to do jumps or tricks but sometimes a missed or failed trick can affect the components of the cycle. You can have coverage for these costs if you get your cycle insured from HDFC ERGO.


  • Commuting Cycle These cycles as the name suggests are used for commuting and have the most practical accessories like lights, rear racks, bags, locks and fenders, however if your cycle gets impaired in an accident, your mode of commute might get disturbed. Save on the costs of repair with insurance solutions from HDFC ERGO.


  • Kids Cycle

    • The cycle is designed to be used by a kid with emphasis on specifically designed  safety features. Any impairment to it can ruin their joy toy; get it insured from HDFC ERGO.

  • Exercise Cycle/Pedal Cycle You highly value your exercise cycle/pedal cycle as it is an efficient way of burning calorie/body fat, however it can get damaged in any fire or get stolen. Instead of spending on repair costs or buying a new one, get it insured from HDFC ERGO.

Tips to Maintain Your Bicycle

Now that you are all set to have insurance for your bicycle, we do need to understand how regular maintenance of your bicycle can help you both save money and enjoy your ride. Shabby maintenance of your bicycle can result in its parts malfunctioning and would need repair that can prove to be costly. So let’s look at some steps that can be taken to keep your cycle in top condition always:

  • Keep the drive train clean and lubricated with help of disposable rags, cycle oil and some degreaser product, get all dirt off from chains, sprockets and chain wheels

  • Keep the tire pressure at optimum levels at all times, always check them as they can hamper your riding experience

  • Keep the nuts and bolts tight but take care to not over tighten them, check them on a regular basis

  • Regularly lubricate the bicycle; it helps in protecting your cycle from excessive friction, corrosion and rust. Be careful not to over lubricate as it can attract dirt particles

  • Brakes are very important for your safety, you must make sure that your brakes are in top working condition always, check the brake pads, brake handle and brake lever and take needed action

Accessories to protect your ride

Although bicycle insurance is there for the protection of your bicycle, the rider also needs to take some precautions. Whether you’re a casual rider, a daily commuter, or a pro cyclist, having the right gear for the journey can make a huge difference. Let’s discuss some accessories which are essential for a safe ride.

  • Head injuries can prove to be fatal, you need to wear a helmet even if it is not required by the law as it helps in protection of your head in case of any mishap

  • Keep the tire pressure at optimum levels at all times, always check them as they can hamper your riding experience

  • Whether you sustain a minor injury or are involved in a minor road crash, you need to take quick action. First aid kit comes really handy in such times. It can have bandages, gauze, painkillers, antibiotic ointment, wound stop dressing, butterfly closures, gloves etc.

  • When you are driving in night or on roads with poor lighting, having a good headlight can make your riding experience safe and good

  • Gloves, these are very helpful in maintaining a proper grip on the handlebars and protects your fingers from the harsh weather conditions, soak up the sweat and keep your hands dry

Process to Buy Bicycle Insurance

Bicycle Insurance is available as a rider under standard home insurance policy. Therefore you get to insure your home content and structure covered. However to insure your beloved bicycle you have to follow the following steps.

  • Visit https://www.hdfcergo.com/home-insurance

  • Enter whether you are looking for plan as a home owner or tenant

  • Enter the coverage as structure and content

  • Enter the details of structure and value for content

  • Enter your contact details

  • Choose your policy duration and premium

  • In the additional cover choose bicycle and enter it’s value and then click on Buy Now

  • Fill your details and the insured property details

  • Once these details are entered the payment link is sent

  • Once you make the payment, you get the soft copy in your mail

Cycle Insurance-What’s Included?

Fire
Fire

Unfortunate events like fire can cause severe damage to your bicycle, with bicycle insurance you can get coverage for the expenses incurred in repair.

Burglary & Theft
Burglary & Theft

It’s distressing to even think about your house getting broken into. Stay peaceful by insuring your possessions against theft/burglary.

Accidental damage
Accidental damage

In event of damage to your bicycle in an accident you would get coverage for repair expenses.

Third Party Liability
Third Party Liability

Indemnity is given to the insured against any claims arising from damage to the third party property or any injury to the third party. Read More...

Cycle Insurance-What’s Not Included?

Wear & Tear
Wear & Tear

Damage due to normal wear and tear, reckless conduct while driving or damages sustained while cleaning, servicing or repairing

Damage to the Tires
Damage to the Tires

Loss/damage to the tires unless bicycle is stolen, wherein the liability of the insurer is limited to 50%.

Loss from Drunk Driving
Loss from Drunk Driving

Racing or driving under the influence of alcohol or drugs

Missed Locking
Missed Locking

Theft due to negligence in locking the cycle

Electrical or Mechanical Breakdown
Electrical or Mechanical Breakdown

Loss due to electrical or mechanical breakdown

damage to self property
damage to self property

Damage to the property of the insured or rider , held in trust or in custody or control of the rider

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Why HDFC ERGO?
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Secured #1.5+ Crore Smiles

Trust redefines relations at HDFC ERGO. We consistently strive to make insurance easier, more affordable and more dependable. Here promises are kept, claims are fulfilled and lives are nurtured with utmost commitment.
awards

All the support you need-24x7

We understand that in times of distress, instant help is the need of the hour. Our In-house claims team provides round the clock support to ensure hassle-free claim experience. We ensure to be your constant support system in times of need.
awards

Catering customer needs

Since, last 20 years, we have been catering to endless customer requirements seamlessly, by providing wide range of plans and add on covers for every portfolio.
awards

Transparency at its best

HDFC ERGO General Insurance claims are settled with utmost transparency and ease.
awards

Awards

HDFC ERGO has won under “Claims and Customer Service Excellence” category at FICCI Insurance Industry Awards, 2021.

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Frequently asked questions

1. Why should I need a Cycle Cover?

Owning a cycle and using it helps you commute easily, and that too, without causing pollution. Moreover, cycling helps you stay healthy and can form a part of your daily exercise regimen. For kids, cycles form a part of their fun and sports.

That being said, cycles do not come cheap. Whether it is a cycle for kids or adults, the costs easily amount to thousands. If you opt for professional cycles for mountain biking or adventure sports, the costs can even amount to lakhs. As such, when you spend a considerable amount to buy a cycle, suffering any damage or theft might cause a financial loss. This is where cycle insurance comes into the picture.

A cycle insurance policy covers the financial loss that you might suffer in the following instances –

● If your cycle is stolen

● If your cycle is damaged in an accident

● If your cycle is damaged due to a fire

Moreover, if you suffer any third-party financial liability due to your cycle, the said liability would also be covered. Thus, given the scope of coverage, a cycle insurance policy can provide financial security and proves useful.

Yes, the cycle insurance cover offered by HDFC ERGO under Home Shield provides coverage against theft. If your bike is stolen, the financial loss that you suffer would be compensated by the insurance policy.
Yes, you would get coverage if your cycle is older than one year. However, you need to inform HDFC ERGO of the age of your cycle. The company would, then, offer coverage depending on the condition of your cycle.
Cycle coverage is an optional rider available under HDFC ERGO’s Home Shield Insurance Policy. The coverage is available from one year upto 5 years after which you can renew it.
No, there is no age limit because the policy covers the cycle, not the individual. As such, if you own a cycle, you can get it insured irrespective of your age.

The bicycle insurance price in India depends on the following factors –

● The cost of your bicycle

● The make and model

● The age of the bicycle

● Condition of the cycle

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