Bike Insurance (Bicycle Insurance) : Is there seprate policy for this or I need to cover under Home Insurance only?

[pramod]

I have a bit costly bike - (Rs. 10,000). I am looking to insure this. Please let me know if there is seprate policy for this or I need to cover under Home Insurance only?

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[Rahul]

You can buy a separate policy or can cover under home insurance policy under bicycle section (if available).

Check New India Assurance Co : Link

[Rahul]

Keep in mind it is not very easy to get your pedal cycle insure in India. So talk to the development officer first.

[pramod]

Thanks Rahul for your quick reply on this query!

- What is the process of claim?
- Is there any cooling off period like motor insurance?
- What are the premium charges?

Sorry for asking so many questions in one go :-)

[Manish_Kumar]

- Is there any cooling off period like motor insurance?

What is cooling-off period? Are you talking about free look period? If yes this is only in Life Isnurance and few health insurance policies.

- What is the process of claim?

Standard claim procedure you can get on the insurance company website. But I think FIR is must for any claim.

- What are the premium charges?

Premium for a Rs 10,000 bicycle will be Rs 500 and for a Rs 5,000 cycle, it would come around Rs 100. The insurance covers any damage caused to the bicycle by an accident and loss in case of theft.

[pramod]

Thanks Manish for answering my queries.

Sorry not very clear of the insurance terminology. By cooling off means, how long the insurance company wait after theft of the bicycle to release the claim payment?

Thanks in advance!
Pramod

[Rahul]

Thanks Manish for answering my queries.

Sorry not very clear of the insurance terminology. By cooling off means, how long the insurance company wait after theft of the bicycle to release the claim payment?

Thanks in advance!
Pramod

It's not insurance company but the police timeline to wait and then issue "no trace report"; the police saying that the vehicle cannot be located. If the bike is found, they (insurer) pay for repair. However if the repair cost is > 70% of the new bike, they let you buy a new bike.

Documentation Required:
1- Claim Form duly signed
2- Policy copy
3- Reciept of the Bicycle (for valuation)
4- Original FIR copy
5- A no trace report from the police saying that the vehicle cannot be located

[himalayan]

It is good to have a home insurance policy which covers all the assets, luxury items, jewellery, furniture and many more so you no need to take any separate insurance plan for your bicycle.