Many people use bicycles as their mode of transportation. Some use it for adventurous tour and some use it for covering shorter distances. People love their bicycle but never insure it. They don’t know how helpful it is to insure their bicycle and keeps on thinking; Why Bicycle Insurance is Essential and Worth Considering? There are many ways to keep your bicycle safe but they won’t help every time. So, it’s necessary to go for an insurance policy for your bicycle. It not only protects your bicycle but it also protects you from the loss caused because of some misshaping. There may be a difference in the insurance policy provided by different companies, country or state but, generally all these policies cover your personal items including your bicycle against specified risks like loss by theft, or accident. There are some exclusions and limitations on these types of insurance cover which may change from company to company.
Insurance is very helpful in case of accidents like, you get hit by some vehicle or you hit someone while riding your bicycle. In the case like this you may have to spend a large amount, for the damage done to your cycle, you or someone else. But if you have insurance then all these damages would be bared by the insurance company and you would be saved by unnecessary expenditure. The insurance covers the loss of your bicycle if it has been stolen both from inside or outside of your house but only if it is locked. If you forget to lock your cycle and it got stolen then the insurer has full right to reject your claim. Insurance not only covers loss occurred by theft but it also gives compensation for the damage occurred due to accident. While going for any protect your bike insurance you should also check whether or not it covers losses done to others by you at the time of the accident. The parts of the bicycle like the frame and wheels that can be repaired are also covered in insurance. If required by you, the insurance company also guides you, from where to get your bicycle repaired at a reasonable price. The riding gear and clothes that you had worn at the time of your accident are also covered under some schemes, if get damaged. A medical claim to others who get physically injured because of you during an accident is also covered under some insurance schemes.
The insurance company offers many plans. So, one can choose a plan according to his need. The insurance company provides many features like:
- They provide cover to the owners of the bicycle up to a limit if any part of their bicycle gets lost or damaged.
- If a cyclist is unable to participate in the competition, the insurance company gives compensation to them.
- In case, if the bicycle gets damaged in any competition, the agency may provide compensation for a rent.
Just like those mentioned above there are many more benefits of getting an insurance policy for your cycle. Sometimes the company also provides cover in case of any bike failures such as broken chain or flattening of the tire. They also provide transportation facility for the riders who get stuck in the middle of a road or some other place because of any sort of bike failure. This type of help is provided only for a limited incident, for example 3 or 4 times within a policy period.
If you have opted for a third party insurance, then in case of any accident the cover is provided to the victim if the victim is a third person. Cyclist and his bicycle are not covered in such type of insurance. But these insurances are helpful in case of severe damage done to the third person or his death. An insurance policy safeguards you from many such problems; therefore, insuring your bicycle is not only essential but is also worth considering.