FPG Insurance is rolling out two new group insurance plans that provide coverage to users of bicycles and motorcycles.
The plans, named MyCyclingClub Mate for cyclists and MyMotoClub Mate for bikers, were designed primarily to promote road safety awareness. As insurance instruments, both plans cover accidental death, permanent disability, medical reimbursement and third-party liability, among other benefits, after an accident when using a motorcycle or bicycle.
MyCyclingClub Mate is a Group Personal Accident Insurance specifically designed for cyclists while MyMotoClub Mate is the counterpart Group Personal Accident Insurance for motorcycle riders.
Each of these programs covers bodily injuries caused by an accident 24 hours a day, 365 days in a year, anywhere in the world, whether you’re at home or while travelling by land or sea or while riding as a passenger on commercial flights. It even provides for a victim of dog bites, snake bites, drowning and natural calamities.
Common provisions of the plans include:
- Accidental Death - Pays up to the Sum insured in the event of death due to accident.
- Disablement/Dismemberment - When injury does not result in loss of life of the Insured after the accident but results to losses of limbs, sight, ears, etc.
- Unprovoked Murder and Assault Endorsement - Pays for death or permanent disablement sustained as a direct result of the insured being a victim of unprovoked murder or assault.
- Accidental Medical Reimbursement - Pays for medical expenses incurred due to accidental bodily injury.
- Daily Hospital Income Benefit (Due To Accident) - Pays for the daily allowance to the insured as a result of accident hospital confinement up to a maximum of 7 days.
- Fire Assistance Benefit - Pays for the loss and damages incurred to the Insured’s declared house residence or contents due to fire and lightning.
- Personal liability plan - Pays for the insured for costs and expenses, which the insured may be obligated to pay for the damage to a property belonging to a third party because of negligence.
For an annual premium of P 200, policyholders will get up to P 100,000, to cover the cost of the insured’s accidental death.
The target market is bikers and cyclist associations with at least 20 members aged between 18 to 65 years old. The insured must declare their permanent residence address upon issuance.
Ms. Sharon Navarro, FPG Insurance’s Chief Underwriting Officer, said, “At FPG Insurance, we are committed to providing innovative insurance solutions that cater to the evolving needs of our customers. Our MyCyclingClub Mate and MyMotoClub Mate aim to promote road safety for cyclists and bikers who ride in groups as our latest plans offer comprehensive coverage that gives them peace of mind while they’re on the road.”
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