Alex Cheong Pui Yin
Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.
Allianz, Howden Launch Malaysia’s First Bicycle Insurance
Alex Cheong Pui Yin
25th April 2022 - 2 min read
Allianz General has rolled out Malaysia’s first bicycle insurance, in partnership with Howden Broking, an insurance broker headquartered in United Kingdom. The plan offers one-year protection for both the cyclist and the bicycle, covering circumstances such as accidental damage during commute, crash damage, and theft.
Specifically, the bicycle insurance is packaged together with Allianz Shield Plus from Allianz General, a RM60,000 personal accident (PA) insurance that covers accidental death, permanent disablement, snatch theft, and medical expenses – among others. On top of that, policyholders may also be reimbursed should their bikes face the following damages:
- Accidental damage when used for commuting or recreation
- Damaged whilst attached to motor vehicle bicycle rack
- Replacement for crash damage
- Full reimbursement against loss
- Theft coverage
- Transit damage/loss within Malaysia (commercial airlines)
- Coverage for accessories and specified add-on parts
Additionally, protection for personal liability is also provided via the bicycle insurance. It pays 1.5 times the sum insured for claims made against the policyholder due to on-the-road accidents that result in injuries or property damage.
Note that this plan is made available only to bicycles of up to five years old. The scope of the above coverage is applicable for road, mountain, and off-road bicycles of all make. Meanwhile, the total premium that must be paid is dependent on the risk exposure, the underwriting requirement, and sum insured of the property.
According to the chief executive officer of Allianz General, Sean Wang, the launch of this bicycle insurance is aimed at meeting the protection needs of cyclists in Malaysia, who have long expressed a need for protection against accidents or thefts. “Malaysia has such a vibrant cycling community, and what was missing was an insurance solution that looked after the cyclists and their ride,” he said.
The chief executive officer of Howden Malaysia, Jeffrey Chan also said that cyclists can look forward to an improved cycling experience now that this specialised insurance solution is available. “Howden’s focus is to provide clients with the service and choice they need to face the risks of today and tomorrow,” he further commented.
(Sources: Howden Broking, Business Today)
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Alex Cheong Pui Yin
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