FPG Insurance is rolling out two new group insurance plans that provide
coverage to users of bicycles and motorcycles, a piece of good news for those who love traveling on two wheels. 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.
Travel Tip: FPG Insurance Launches New Insurance Products for Bikers and Cyclists
Sensible Innovation
FPG’s new insurance plans are a timely response to the surge in the popularity
of cycling and biking since the pandemic began, with more people now turning
to these modes of conveyance as an alternative way to move faster from point A
to point B for work, for business, for adventure and solo sojourns.
Unfortunately, the rising number of bicycles and motorcycles on the road comes
with higher risks of accidents. Statistically, as they grew in number so did a
notable increase in road crashes involving them.
The resurgence of bicycles during the pandemic has been seen in places once
dominated by private cars and public transportation. As proof, 2.1 million
bikes were imported into the Philippines in 2020, up 112% from 2019.
During the same period, the Metro Manila Accident Reporting and Analysis
System (MMARAS) reported that the number of bicycles involved in road
accidents doubled from 2018 and 2019 to 2020.
As for motorcycles and scooters, available data showed the Philippines posted
the fastest growth at 32.3 percent to 867,453 units in 2021 from 655,440 units
the previous year. According to the MMARAS report, the Metropolitan Manila
Development Authority (MMDA) recorded a total of 26,768 motorcycles involved
in road accidents in 2021 which was an increase of 1,560 from the previous
year.
Safe Travels
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 traveling 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 an injury does not result in the loss of life of the Insured after the accident but results in 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 Php 200, policyholders will get up to P100,000, 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 18-65 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,".
June is a special month for FPG Insurance as they celebrate their 65th
anniversary on June 5, with a special collaboration with Ayala for the Green
Run marathon on June 25.
For more information about MyCyclingClub Mate and MyMotoClub Mate, visit FPG
Insurance’s website at
https://www.fpgins.com.
About FPG Insurance
FPG Insurance is a non-life insurance company that continues to create
relevant and comprehensive non-life insurance products and solutions
accessible to all Filipinos. A company focused on providing ease &
convenience to its customers through digital innovation, FPG has delivered
decades-long security, with customer service at its core.
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