Comprehensive cover for your bicycle against accidental damage, theft, third-party liability, and personal accident — offered by the insurer under their rural product range and issued by IRDAI-licensed brokers.
Rural & Personal Insurance
Pedal Cycle Insurance is a rural and personal insurance product offered by the insurer Ltd. (the insurer) under their rural product range. It covers your bicycle (pedal cycle) against accidental loss or damage, theft, third-party liability, and personal accident to the rider — all in one policy. It is ideal for students, daily commuters, farmers, and rural households who rely on a cycle as their primary mode of transport. Probitas Insurance Brokers Pvt. Ltd. (IRDAI Lic. No. 528) is your licensed broker to issue and service the policy.
Who Can Apply
All types of pedal cycles (bicycles) — city cycles, mountain bikes, road bikes, children's cycles, cargo cycles, and any non-motorised pedal-powered cycle used on Indian roads.
IDV (Insured Declared Value) is the current market value of the cycle — agreed between you and the insurer at inception based on purchase price minus depreciation. This is the maximum claim payable for total loss or theft.
| Age of Cycle | Depreciation % |
|---|---|
| Up to 6 months | 5% |
| 6 months – 1 year | 15% |
| 1 year – 2 years | 20% |
| 2 years – 3 years | 30% |
| 3 years – 4 years | 40% |
| 4 years – 5 years | 50% |
| Over 5 years | IDV mutually agreed |
Plan Comparison
Compare the four plan options available under the Pedal Cycle Insurance policy from the insurer.
| Points of Difference | OD Only (Sec A) | TP Only (Sec B) | OD + TP (A+B) | Comprehensive (A+B+C) |
|---|---|---|---|---|
| Accidental Damage | ✔ Yes | ✘ No | ✔ Yes | ✔ Yes |
| Theft / Burglary | ✔ Yes | ✘ No | ✔ Yes | ✔ Yes |
| Fire / Lightning / Flood | ✔ Yes | ✘ No | ✔ Yes | ✔ Yes |
| Transit Damage | ✔ Yes | ✘ No | ✔ Yes | ✔ Yes |
| Third-Party Bodily Injury / Death | ✘ No | ✔ Yes | ✔ Yes | ✔ Yes |
| Third-Party Property Damage | ✘ No | ✔ Yes | ✔ Yes | ✔ Yes |
| PA — Death of Rider (100% CSI) | ✘ No | ✘ No | ✘ No | ✔ Yes |
| PA — PTD of Rider (100% CSI) | ✘ No | ✘ No | ✘ No | ✔ Yes |
| PA — Loss of Limb / Eye (50% CSI) | ✘ No | ✘ No | ✘ No | ✔ Yes |
| Sum Insured Basis | IDV | Statutory limits | IDV + Statutory | IDV + Statutory + CSI |
| Compulsory Deductible | ₹100 | — | ₹100 (OD portion) | ₹100 (OD portion) |
| Premium | Lowest | Very Low | Moderate | Highest |
Coverage Under Pedal Cycle Insurance
The policy is structured in three sections. Toggle the tabs to see full inclusions and exclusions.
How Claims Are Calculated
For OD claims, the cycle's Insured Declared Value (IDV) is the maximum claim payable. For partial damage, actual repair cost (minus depreciation on parts) is paid. For total loss or theft, the full IDV minus deductible is paid.
TP claims are assessed by a court / Motor Accident Claims Tribunal (MACT). The insurer pays the liability as determined — subject to policy terms and statutory limits.
PA claims are paid as a percentage of the Capital Sum Insured (CSI) chosen by you at inception. Death and PTD attract 100% CSI; loss of one limb / eye attracts 50% CSI; PPD attracts the percentage as per the schedule.
If your declared IDV is lower than the actual market value of the cycle at the time of claim, the condition of average applies — your OD claim is reduced proportionally. Always insure at 100% of current market value.
| Nature of Loss / Disablement | % of CSI Payable |
|---|---|
| Death of insured rider due to accident | 100% |
| Permanent Total Disablement (PTD) | 100% |
| Loss of two limbs OR two eyes OR one limb and one eye | 100% |
| Loss of one limb OR one eye | 50% |
| Permanent Partial Disablement (PPD) | As per schedule % |
| Parameter | OD Claim (Partial Loss) | Theft Claim (Total Loss) | PA Claim (Death) |
|---|---|---|---|
| Cycle IDV / CSI | ₹ 15,000 IDV | ₹ 15,000 IDV | ₹ 1,00,000 CSI |
| Nature of Loss | Accidental damage | Theft — total loss | Death of rider |
| Repair Cost / Gross Claim | ₹ 4,500 | ₹ 15,000 (IDV) | 100% of CSI |
| Depreciation on Parts | ₹ 450 | — | — |
| Net Claimable Amount | ₹ 4,050 | ₹ 15,000 | ₹ 1,00,000 |
| Compulsory Deductible | ₹ 100 | ₹ 100 | — |
| Claim Payable | ₹ 3,950 | ₹ 14,900 | ₹ 1,00,000 |
* Illustrative only. Actual claim depends on surveyor assessment, applicable depreciation, and policy schedule terms. TP claims settled as per court / MACT determination.
Policy Conditions
The following 12 conditions are binding under the Pedal Cycle Insurance Policy. Non-compliance may result in claim rejection or policy voiding.
The cycle must be accurately described in the policy schedule — make, model, frame number, and IDV must be correctly declared at inception.
IDV = current market value at inception — agreed between insurer and insured. IDV cannot be altered during the policy period.
Any modification to the cycle must be declared to the insurer. Undeclared modifications may void coverage for claims arising from those modifications.
The insured must take all reasonable steps to protect the cycle from loss or damage. Failure to do so (wilful neglect) may void the claim.
In case of theft, a Police FIR must be lodged immediately and a copy submitted with the claim. A non-traceable certificate from police is also required.
In case of accident or damage, do not authorise repairs without prior insurer survey or approval (for claims above the applicable threshold).
The cycle must not be used for hire, reward, racing, or any commercial purpose not declared at inception — such use voids the OD and TP cover.
The insured rider must hold a valid licence if required — applicable for any motorised variant of pedal cycles where a licence is mandated by law.
Transfer of ownership: the policy must be transferred to the new owner within 14 days of sale. Failure to do so voids coverage for the new owner.
The insurer reserves the right to inspect the cycle at any time during the policy period to verify the declared details and condition.
Subrogation: on settlement of any OD or TP claim, all rights of recovery against responsible third parties are automatically transferred to the insurer.
Renewal: IDV is reassessed at each annual renewal based on the depreciation schedule. The cycle must be re-declared to confirm current market value.
How to File a Claim
Follow these four steps for a smooth and timely claim settlement. Probitas experts assist you at every stage — call 022 4302 0000.
Notify Probitas (022 4302 0000) and the insurer as soon as accident, damage, or theft occurs. For theft — lodge Police FIR immediately.
For OD claims: insurer appoints a surveyor to inspect the damage — do not repair before survey. For theft: obtain a non-traceable certificate from police.
Submit: Claim Form, Policy doc, FIR copy (theft), repair bills / estimates, cycle frame number details, photographs of damage, and bank details.
OD settled at repair cost or IDV. Theft at IDV minus deductible. TP as per liability assessment. PA as per the disablement schedule — all as per policy terms.
Some Myths about Pedal Cycle Insurance
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