India’s Digit Insurance has launched an insurance product for bicycles, in cooperation with Dr Cycle, an online cycling platform, and Scott Sports, a Swiss maker of bicycles, winter gear, and other outdoor equipment.
The new product functions similarly to a motor insurance policy, and it covers both old and new bicycles from theft and accidental damage. In case a bike is stolen or totally destroyed, the insurer will cover the full amount after depreciation. In case of partial damage, the cost of repair will be covered.
More cyclists are looking to insure their rides, especially the bicycles that belong to the super-premium category and cost a hefty sum, such as those produced by Scott Sports, according to Jaymin Shah, country manager of Scott Sports India.
“Indians are becoming health conscious and activities like cycling are no more just a hobby but also a lifestyle habit,” said Kamesh Goyal, chairman of Digit insurance. “But when it comes to protecting your cycle, one of the biggest issues is the lack of awareness about an insurance that can cover that cycle. As our distribution philosophy is to be present where there is a need for protection, we thought tie-ups with bicycle manufacturers and sellers would help create that awareness among cyclists as well as help us tap into an already established customer base.”
“While the government mandates car insurance, the same doesn’t apply to cyclists sharing that road,” said Yogesh Chauhan, CEO and co-founder of Dr Cycle. “As part of our vision to maximize the cycling experience for an Indian cyclist, we wanted to offer a comprehensive insurance; and that is when we conceptualized and launched ‘Insure-your-Ride’ with Digit Insurance.”