Are You Looking For Insurance Coverage For Your PMD And Bicycle? Then You Need To Start Here.
Bicycles and personal mobility devices (PMDs) are becoming increasingly popular in Singapore. Many individuals use electric bicycles, electric scooters, and electric unicycles for commuting and on the weekends.
While cycling to work or zipping around on your e-bikes and e-scooters can be fun, the rise in the use of this mode of transport has led to a sharp increase in accidents.
According to government data, the first six months of 2017 saw 90 accidents involving electric bicycles and PMDs. Tragically, there were four deaths as well. In 2016 there were only 54 accidents involving e-bikes, while the figure for 2015 was even lower at 39.
If you are a PMD owner or a cycling enthusiast, it is a good idea to get yourself insured. Etiqa Insurance, a member of the Maybank group and Southeast Asia’s fourth-largest bank by assets, now offers one such option: the ePROTECT personal mobility policy.
Insurance cover for accidents and more
What benefits does Etiqa’s ePROTECT personal mobility policy offer and how does it work? More importantly, is it worth the expense?
Bicycle owners as well as those who own and use kick scooters, electric scooters, and even roller skates and wheelchairs, can purchase Etiqa’s ePROTECT personal mobility cover. For as little as S$78 per year, you can buy insurance that provides coverage for:
- Medical expenses that you incur in connection with an accident while riding your bike or PMD, of up to S$3,000
- Liabilities arising from injuries or damage to the property of a third party, up to S$300,000.
- Personal accidents that result in death or permanent disability, with a sum assured payout of up to S$150,000.
Learn more about Etiqa’s PMD and bicycle insurance coverage here.
Optional cover for bicycle owners
What if you want to purchase additional cover for your high-value bike? Etiqa offers several add-on options.
You can buy coverage that reimburses you if your bicycle is damaged in an accident, or through malicious intent. It is also possible to make a claim if your bike is stolen from your home.
Etiqa’s Bicycle Rider Enhancement is targeted at avid cyclists. To purchase this add-on, your bike should cost a minimum of S$1,501.
Here is the additional benefit that you get under the various plans:
Essential plan – yearly premium S$118 – this provides protection for one bicycle valued at a minimum of S$1,501. The cost of the bicycle can be up to a maximum of S$3,000.
Advanced plan – yearly premium S$238 for the first bicycle and S$350 for the second bicycle – the total value of the two bicycles can be from S$3,001 to S$10,000.
Ultimate plan – yearly premium S$369 for the first bicycle, S$602 for the second bicycle, and S$822 for the third bicycle – the total value of the bicycles can be between S$10,001 and S$20,000.
Do I really need cover for theft?
The Essential/Advanced/Ultimate plans listed above provides coverage for theft, among other things. This protects you in the event that your expensive bicycle is stolen from your home.
Does bicycle theft happen often? The answer is yes, and it happens more often than you’d like to think.
In fact, the Singapore Police Force has a page devoted to bicycle theft. If you want to minimise the chances of your bike being stolen, here is what you must do:
- Store it securely in your home when you are not using it.
- Do not park your bike in a secluded place. Try and select an area that has CCTV monitoring.
- Use a high quality lock. A U-lock is preferable. If possible, use a cable lock as well.
- Make permanent identification marks or engravings on the body of your bicycle so that it is easy to identify.
Despite your best efforts, you may still lose your bike to a thief. In March 2017, the Singapore police arrested a 72-year-old man who they suspected had been involved in a series of bicycle thefts. More recently a 37-year-old was arrested for bike thefts from bicycle bays at Bukit Batok, Teck Whye Lane, Keat Hong Close, and Choa Chu Kang housing estates.
In addition to theft coverage, Etiqa’s bicycle insurance plan has several other add-ons.
Add-ons for the Essential/Advanced/Ultimate plans
Here is the additional protection that a small amount of money can buy you:
- Geographical limit and cover extension – planning to use your bicycle in Malaysia or Thailand? You can buy add-on insurance from Etiqa for the purpose.
- Loss/damage of bicycle in transit – you can even buy additional coverage for transporting your bike. Etiqa’s add-on protects you if the bicycle is lost or if it is damaged.
How much do these additional covers cost? The bicycle damage and repair coverage are included in the premium for your Essential/Advance/Ultimate plan.
The add-ons are very reasonably priced. You only pay S$39.90 for the geographical extension add-on. The loss/damage in transit add-on costs only S$25. These rates are valid across all three plans – Essential/Advanced/Ultimate.
If you’ve been seriously on the lookout for an insurance policy to protect your beloved bicycle, check out the offering from Etiqa Insurance now.
Protecting what is important to you
If you are a bike enthusiast or if you use PMDs regularly, you should seriously consider this insurance plan from Etiqa. The ePROTECT personal mobility policy costs relatively little, but could save you thousands of dollars in medical bills and liabilities to third parties.
The benefits for bike enthusiasts are even greater. You can save a substantial amount in the event that your high-value bicycle is damaged or is stolen. The low-priced add-ons provide a considerable amount of protection and deliver an exceptional level of value compared to their cost.
Plus, you can truly have a peace of mind, knowing your prized bicycle is protected.
Want to get started on getting insurance coverage for your PMD or bicycle? Learn more about Etiqa’s ePROTECT personal mobility now.