First Principal Financial had launched the first stand alone insurance for bicycles. This plan was made available after months of hard work of my company and MSIG who is the underwriter. We see the need for such a plan to cater to leisure and competitive cyclist against accidental damage of the bicycle. It also cover against accidental injuries or death.
The coverage consist of
1a) Worldwide accidental death or permanent disablement of $200,000 due to ANY accidental reasons.
1b) If the death or permanent disablement arises from an cycling accident locally, the payout will be doubled.
1c) Medical Expenses, including Traditional Chinese Medicine up to $2,500 for ANY accidental reasons in Singapore.
2 ) Accidental damage of your bicycle handle, bicycle frame, bicycle rim and bicycle gear up to $15,000.
3) In the event that the cyclist caused an legal liability to a third party such as injuries or property damages, the public liability allows up to $500,000 for claims.
Another insurance for bicycle is the Bicycle Rider under AXA SmartHome Optimum. The advantage of this rider plan is that it covers bicycle theft within home premises. However, this plan is a rider to a home insurance, thus the premium of AXA SmartHome Optimum will be at least twice of MSIG Bikinsurance.
Although both policies cover for accidental damage, AXA’s Bike Rider covers bicycles less than 3 years whereas MSIG Bikinsurance covers for bicycles up to 5 years old. The excess for each claim is 15% of the sum assured for AXA’s Bike Rider and MSIG Bikeinsurance remains at $200.
It is overall more cost effective to cover against accidental damages with MSIG Bikinsurance. Do drop me a email at email@example.com if you need the e-brochure.