Guide to Buying Bicycle Insurance in India…

Here’s our detailed guide to buying bicycle insurance in India. See how to insure, which companies offer insurance and why you should insure!

Indians are buying more and more expensive bicycles by the day. Since the pandemic and subsequent lockdown, a lot of people around the country bought expensive bicycles. The growth spurt in sales also meant that premium bicycles and riders have come into the mainstream spotlight. The average person today knows the cost of these ‘fancy’ cycles.

Such information is not lost on miscreants and anti-social elements, who consider cyclists as soft targets. It is easy enough to steal a parked bicycle or rob a rider of his bicycle and belongings in the early hours of dawn.

Are we trying to frighten you away from cycling? No. Like with every risk we take in life, minimising it, works best. Which is why it is important to know about buying bicycle insurance in India.

Is Buying Bicycle Insurance in India Required?

Bicycling is a great way to get exercise and reduce your risk of injury. However, accidents can happen anytime, anywhere. That’s why it’s important to have bicycle insurance in case something happens while you’re riding.

Many bike insurers offer policies that cover loss or damage to your bike as well as theft or vandalism. Your policy might also include coverage for medical expenses if you are hurt in an accident.

Buying bicycle insurance is a good idea not only for your safety but also for the peace of mind that comes with knowing that you’re protected from potential financial losses. By getting insurance today, you can avoid any unpleasant surprises down the road!

A bunch of bicycle stores in the country have tied up with insurance companies. If you are buying a new bicycle, you can enquire at the shop, if they can assist you with insuring your bicycle.

What are the different types of insurance policies for bicycles?

There are a variety of different types of insurance policies available for bicycles in India. Here is a brief overview of the most common:

Collision insurance covers the costs associated with damage to or loss of your bicycle caused by another vehicle. This type of policy can include coverage for damages to your bike’s frame, components, and accessories.

Comprehensive insurance covers all aspects of ownership, from theft and vandalism to accidents and natural disasters. This type of policy includes coverage for both personal injury (including injuries you inflict on others while riding your bike) and property damage (damage done to other people or businesses while you’re riding your bike).

Third party liability protects you if someone else is injured or damages property while using your bicycle without proper liability protection.

Most companies in India offer insurance for loss and theft of the bicycle only. So it is important to check what is covered by your insurance company.

A lot of insurance companies in India provide insurance for bicycles as a part of their ‘Home Insurance’ policies. That is another avenue you can check out to get your bicycle insured.

How do you choose the right policy?

There are a few things you should consider when choosing a bicycle insurance policy:

– The coverage you need. Make sure the policy includes coverage for property damage, loss of use, and medical expenses.

– The deductible you’re willing to pay. Some policies have very low deductibles, while others require you to pay up front before any claims can be made. Decide what level of protection (or peace of mind) is important to you and stick with that policy!

– Your liability limits. Be aware of your responsibility limit – this will determine how much money you’ll potentially be liable for if someone files a claim against you due to an accident on your bike.

How to buy bicycle insurance in India?

Buying bicycle insurance in India can be a bit daunting if you’re not sure what to look for. Here are some tips on how to buy the right coverage:

-Make a list of the types of bicycles you own, and the value of each one. This will help you determine which type of policy is best for your needs.

-Talk to several different companies and compare rates before choosing one. You’ll want to find a company that offers comprehensive coverage at the best price.

-Be aware that some policies may only cover accidents while cycling, while others may include damage caused by parking or theft as well. Make sure all details are covered by your policy before signing up!

Insurance Companies who offer Bicycle Insurance in India

Bicycle insurance is a relatively new product category, and there are only a few insurers that offer it. Some of the most popular bicycle insurers in India include Bajaj Finserv, HDFC ERGO, Toffee Insurance and The New India Assurance Co Ltd.

All of these companies offer basic bike insurance coverage, which covers you for damages to your bike caused by an incident such as theft or accident. Some also provide additional rider protection features, such as accidental death coverages and medical reimbursement policies.

Before buying bicycle insurance, it’s important to compare rates and benefits so you can find the policy that’s right for you.

Bajaj Finserv

Bajaj Finserv has a bicycle insurance product in India called, ‘Cycle Sure’. It is a simple product which is easy to purchase, but has limited usability.

This straightforward insurance has a premium of INR 1399/- and offers you an assured maximum sum of INR 25000/-. In case of a claim, you get 25k or the value of your bicycle, whichever is lower.

The advantage of this insurance is that it has a worldwide coverage against theft, burglary, and any unforeseen accidental cycle damages.

The disadvantage of this is the low insured value. If you have a bicycle around 25k, then you are sorted. If you have bought and own a significantly more expensive bike, then 25000 is nowhere close to compensating you against the loss of your bicycle.

You can check it out on the Bajaj Finserv Website.


HDFC ERGO allows you to insure your bicycle under their home insurance plan. There is no standalone plan for you to insure your bicycle, as is available with Bajaj Finserv.

Under the company’s ‘Home Shield Insurance’ cover, you can take an ‘add-on’ in the form of ‘pedal cycle’ insurance. Through this you can insure your bicycle against theft, fire, accidents, or natural calamities.

To buy your bicycle insurance from them, you can visit the ‘home insurance’ section of the company’s website. And after filling in the requisite details for home insurance, you can choose to add on your bicycle as part of it. You will need to declare the value of your bicycle at this point of time, accordingly your premium will be calculated, which you can pay and insure your bicycle.

The HDFC ERGO bicycle plan insures you against fire, burglary and theft, accidental damage and also indemnifies you against third party liability. The last item is a big difference between this insurance and that offered by Bajaj Finserv.

You can buy your Bicycle Insurance on the HDFC ERGO Website.

Toffee Insurance

Toffee Insurance provides coverage specifically for cyclists. This range of insurance policies have been built for people looking to insure a bunch of small household items. Their list fortunately also includes bicycles.

The bicycle insurance offered by Toffee covers accidental damage, theft/ loss and personal accident. It also covers any damage caused by fire, riots, strikes or similar anticipated perils. To buy the insurance, you only need a copy of the bicycle’s invoice.

The advantage of Toffee Insurance is that you can insure your bike at its actual value and are not limited by the 25000 slab of Bajaj Finserv. You also needn’t take an entire home insurance just for your bicycle like with HDFC ERGO.

You can read more details about their bicycle insurance policy on the Toffee Insurance Website.

The New India Assurance Co. Ltd. (NIA)

Unlike the above three which are private players in the insurance market, NIA is a government owned insurance company. NIA offers a product called ‘pedal cycle insurance’ which allows you to insure your bicycle.

This insurance policy protects you from loss or damage by accidental means or fire, lighting, burglary, larceny, theft, or by any malicious act. It also safeguards you against third party liability.

You can check out more about this product on the NIA Website.


The above information is only to be used as a general guide to buying insurance. Please read all the insurance policy documents carefully before buying any insurance policy. CyclingMonks will not be responsible for any loss arising through your purchase of bicycle insurance.

If you have any experience of insuring your bicycle in India with the above or any other company, please get in touch with us to share your experiences with the community. TIA!

Cover Image: Michael Hagn from Pixabay

Article requested by Aditya Dudhwakar with inputs from Pushkar Kashalikar. Thanks to the CyclingMonks community for making the platform more vibrant.

If you found this article useful, then read our guide to buying the best hybrid cycle under 30000, buying a used bicycle in India, and buying an indoor trainer.

6 Replies to “Guide to Buying Bicycle Insurance in India…”

  1. None of these companies are offering bicycle insurance. I had inquired with them two months back when I had bought a new bicycle and wanted to get it insured.

    1. Thanks for the update. But we know some people who have insured their cycle through the latter two.

      Also did you check with the store from where you bought your bicycle? Even they generally have a tie-up with an insurance company.


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