Riders of publicly shared bicycles in Taipei and New Taipei have been enjoying free insurance coverage from 1 June, after the two cities secured an insurance company through public bidding to offer the service.
Taipei-headquartered Cathay Century Insurance won a bid opened by the New Taipei City government, which allows the company to sell third-party liability insurance for public bike users in the city at a cost of NT$3.73 million ($124,600) to the local government, reports the Central News Agency.
The insurance will cover all 16,000 public bicycles around New Taipei, and will be effective from 1 June to the end of the year, the company said.
Cathay Century Insurance also won a similar bid from the Taipei City government with its insurance policy for public bike users in the city have effect also during the same period as for New Taipei City.
The insurance compensation for the death or injury of a third party individual caused by a shared bike rider is a maximum of NT$2 million.
The free insurance service is introduced at a time when local governments are promoting bike sharing and cycling. However, police statistics show that the number of traffic accidents caused by cyclists increased from 5,113 in 2010 to 7,713 in 2014 around Taiwan.