When people think of insurance, they usually think of home, auto, life or health insurance. However, if you own a bicycle and ride it frequently, you need to be adequately covered in case an accident happens. The following article will discuss the various types of bicycle insurance that are available. It will also discuss some things to consider before you buy bicycle insurance.
What is bicycle insurance?
Bike insurance provides coverage for cyclists. The purpose of this insurance is to protect the cyclist in the event of theft, crash damage and accidents. There are also policies that provide coverage that is specific to racing.
Why should you buy it?
For many people, a bike is an expensive item, sometimes costing thousands of dollars. If a bike is expensive enough, it is worth the price of insurance to protect your investment. Some of the potential risks that a bike owner could face that would be covered by bike insurance are as follows:
- Your bike gets damaged while you are travelling or racing
- Your bike gets stolen.
- You forget to take your bike off of your car’s roof rack before you drive into your garage.
- You cause damage to another person’s property while you are on your bike.
- Your own property (besides your bike) gets damaged in a crash.
What options do I have?
Insurance companies in the U.S. have been slow to act in terms of offering coverage that is only for a bicycle. Instead, protection for your bicycle is integrated into other types of policies. Here are some of the avenues for you to consider:
- Renter’s or home owner’s insurance will cover the damaging or theft of your bicycle. However, this varies by policy, so you need to check to be sure. Here is the list : 10 questions to ask your homeowner/renters insurance agent before insuring your bike. This type of insurance is frequently packaged together with car insurance. Car and home owner’s insurance will contain the option of buying additional liability coverage if you want it. Renter’s insurance will often contain coverage for personal liability.
- People who do not have car insurance because they do not have a car often wonder what to do in terms of bicycle insurance. One idea is to pay a roommate, relative or friend to include you as a “driver” on their car insurance policy.
- Alternately, you can buy a very cheap and junky car. Insure the car so that it is covered for possible collisions, then just park it in your parking space and forget about it.
Things to consider before buying your policy
As with any type of insurance policy, you need to verify that various types of coverage are specifically mentioned in the policy before you buy your bicycle policy. You should make sure it includes coverage for:
- Damage happening overseas
- Damage if you are racing
- Theft or vandalism
- Bicyle liability insurance (Liability from accidents with both property damage and personal injury being covered)
- When the bike is not at your residence
- When the bike is in use