Etiqa introduces BYKE, ACTYVE insurance plans to protect cyclists

KUALA LUMPUR – Obtaining insurance for cyclists and their equipment seems unheard of, but the pedal-powered two-wheelers and their riders deserve the protection of their own on the road.

Etiqa General Insurance Berhad (EGIB) believes that cyclists deserve the peace of mind when it comes to their bicycles and has introduced new insurance plans called BYKE and ACTYVE.

While BYKE serves to provide coverage to the bicycles, ACTYVE protects its riders from accidents.

In conjunction with L'Étape Malaysia by Tour de France, EGIB’s new insurance plans aim to bridge the gap between policymakers and the cycling community.

EGIB chief executive officer Fukhairudin Mohd Yusof said that an important aspect of creating a new cycling insurance plan is to acknowledge the community’s needs.

“We can’t function as a product that only comes in after something unfortunate has happened.

“We are exploring ways to achieve the goal of being closer to the cycling society, and being a part of the L'Étape experience gives us great honour,” he told The Vibes.

The new plans are scheduled to be introduced on June 3 in conjunction with world bicycle day, which is also one day before the inaugural L'Étape Malaysia bicycle race for amateurs at the Desaru Coast on June 4.

“This plan has been in the works for a while. Before the pandemic, it was estimated that there were around 300,000 cyclists in Malaysia.

“During the pandemic, however, cycling saw a 300% increase in interest and now there is an estimated 900,000 riders all over the country.

“We are of the opinion that they and their bicycles need protection, and this was the idea that sparked the insurance plans.”

As an avid cyclist himself, Fukhairudin said it gives him the great privilege to be a part of the Tour de France event.

“I feel honoured because Tour de France recognises Malaysia as a country that takes cycling seriously.

“This is a recognition similar to the World Cup being staged here in Malaysia,” he said.

For the riders of L'Étape, they will be protected under the ACTYVE plan, which covers amateur sports activities including events and competitions.

“Riders will use the YAS mobile application and their coverage will take effect once the insured rider activates the app.

“After the event, riders can still use both these insurance plans for their personal use based on the ‘pay as you use’ system,” said Fukhairudin.

Speaking on how BYKE and ACTYVE would benefit Malaysian cyclists, he said the goal is to give riders a financial safety net if things turn out unfavourably.

“Insurance is about providing peace of mind, while also encouraging people to be safe.

“We want to promote safety because if something bad does happen, they need not worry as they will be covered.”

For the value of the policies, ACTYVE has a fixed sum insured of RM 10,000 which covers death and total permanent disablement, and RM 2,000 for medical expenses and personal effects.

BYKE meanwhile is a policy that is based on a reimbursement basis.

“We will not want to impose a certain value, however, there is a certain limit. It will be based on the agreed value when someone signs up for the policy,” he added.

L’Étape Malaysia offers two route options − 140km and 60km − and covers five categories for both distances, namely individual men, individual women, men’s team, women’s team as well as mixed team.

The Vibes is the official media partner for L'Étape Malaysia, and is participating in two teams sponsored by the Vinod Sekhar Foundation.

The Vibes is a Petra News company which also publishes the Bahasa Malaysia portal Getaran. – The Vibes, May 31, 2022.