Bicycle Insurance—The New Trend

Amit Jain, President - Personal Lines, Bancassurance & Affinity and Marketing, Liberty General Insurance in an interview with Himali Patel explains the rising importance of Bicycle Insurance for bicycle enthusiast in India

Can you explain the concept of bicycle insurance and what are its features?

A bicycle insurance policy covers as many features as possible that a bicycle enthusiast, whether riding on road, mountains or commuting, would find useful. It provides protection if the bicycle is vandalised, damaged or stolen, or if you fall off your bicycle and hurt yourself or another person (called as third party in the policy document). This product may also cover all your accessories, which could be of high value.

Additionally, one can opt for roadside assistance cover, personal accident cover, cover for specific cycling rallies (especially if one is pursuing cycling as a sport) and cover for burglary, housebreaking and theft. Some of the policies also come with long term coverage benefit wherein one can insure their cycle for up to 3 years. There are various companies offering this insurance product in the market and the features would vary from one insurer to another.

Who are your target audience for this insurance product?

This insurance product is useful for any bicycle rider. It is targetted to the owners of bicycles ranging from Rs 7,500 to 50,000.

What is the importance of a bicycle insurance in today's time?

Your bicycle is an investment similar to any other asset and it is always advisable to protect all your assets through adequate insurance covers. It not only safeguards you against financial obligations if something happens to your bicycle, but also provides you a peace of mind while riding it on road.

In India how have been the growth of such new products in recent years?

The general insurance market is growing every day with different products, suiting various needs of the customers, being introduced to people. With the increased insurance awareness level, we expect such products to find a niche in the market, become more popular and consequently registering a growth in demand as well.