Insuring Your Bicycle — Why It Might Be a Good Idea
Summer is a lovely time to get outdoors and bike with your family, but before you go, you’ll want to consider protecting the investment you’ve made in recreation vehicles. Bikes are much easier to steal than cars, as even heavy duty locks can be compromised with the right equipment. The FBI estimates that 1.5 million bicycles are stolen each year in the United States — odds are, yours might be next. Purchasing bicycle insurance could give you peace of mind.
Note: since bikes are considered to be personal property, they are already be insured if you have homeowners or renters insurance. These types of insurance will cover your bicycle if it is stolen or damaged during a house fire or natural disaster. However, if your bike is a high-end model, you may want to purchase an additional rider. You’ll want to check if your insurance will cover your bike if it is stolen when you are away from home — many policies do provide for such a scenario, but it’s worth inquiring.
Your insurance needs may go beyond replacing your bicycle. If you are involved in a crash that totals your bicycle, your wheels might not be the only thing that is hurt. In other words, you may wish that you had personal injury protection.
Your car insurance may cover this unfortunate event if you drive, but cyclists who either cycle or take public transportation may have a need for individualized insurance that addresses this specific need.
If you are taking the time to protect your two-wheeled asset, ask about replacement insurance. Otherwise, your policy could pay the actual cash value of your bike, which if it is eight years old, may be considerably less than you would need to replace your ride.
Find out if your existing coverage is adequate by talking to your insurance agent. If not, she can help you to add the rider or connect you with a carrier who can provide the coverage you need. Doing so will give you the peace of mind you need to enjoy riding your bike free of worry.