2018-05-09 00:00:00 UTC
As traffic hits alarming levels in cities, and health awareness increases, india is seeing a rise in the usage of cycles in cities. Bicycles have always been a popular exercise and recreation medium in urban India, but this increase rise in usage has led to some innovation in the sector, and led to the rise of electric bicycles.
Electric bicycles are essentially cycles with a battery powered motor attached. This motor’s primary purpose is to help pedalling, allowing the cycle to go faster without heavy effort pedalling.
Usually these cycles top out at 30kmph, but this may vary according to make and model.
Because an electric cycle requires a significant investment(as of this writing there are models available starting from INR 15000, and usually at INR 30000), there is a significant financial risk in case of theft or damage. To address this need, we at Perilwise approached insurers to tailor make a cycle insurance product.
Now, cycle insurance can be treated largely the same as motor insurance, but there are tweaks that can be made. Broadly speaking, a cycle insurance policy protects against 'Accidental damage to the e-cycle', ‘Liability for third-party(TP liability)' and 'Personal accident'.
Like a motor policy, the cycle or e-cycle insurance policy is split into 3 sections.
This section covers damage to the cycle or e-cycle
This is a comprehensive cover that protects your e-cycle from all manner of damage that can be done to it
This section covers you from any legal liability you may incur for any damage you cause to third party while using the cycle. For example, if you run over a pedestrian by accident, or damage a street vendor’s cart, you are legally liable to pay.
Motor Third Party Liability, known as TP liability, is compulsory for all motor vehicles in india, but e-cycles don’t fall under that purview. With time, regulations may catch up, and so while this section is optional, we recommend that you take it.
TP cover benefits include:
This section provides a personal accident cover for the owner-driver of the e-cycle. This cover only applies to the person who is named on the policy. If you buy an e-cycle for someone else, make sure to include driver’s name.
Personal accident Capital Sum Insured: INR 1,00,000
The following are excluded:
In case of claim, you can contact us, and we will help you out.
Please keep the following details handy while intimating a claim