What Insurance is Needed for a Bike?
If you have car insurance and perhaps you’ve insured your home, shouldn’t you also insure the other thing you use for transportation – your bike? This is a dilemma for many bikers. Some states require that you have it and others don’t make it mandatory. However, this doesn’t mean that you should have some coverage for your bicycle.
After all, bicycles get stolen and crashes happen no matter how much we don’t want it. If yours is of high value, whether it costs a lot or is important to you, insuring it is never a bad idea.
If you’ve decided to do this and need some more information, here is all you need to know about bicycle insurance.
What Does It Cover?
Just like with any other insurance, this depends on what you choose. Features can vary, so you should carefully look through the offer before you opt for it. Ideally, you should get bicycle insurance that covers every scenario and comes from a reliable company. The things that are covered with it include:
- Bicycle liability – in case you cause property damage or injure someone, you get coverage.
- Vehicle contact protection – you get insurance in case you are hit on the road to protect you from underinsured or uninsured motorists.
- Medical coverage – your health is of utmost importance, so you definitely need medical coverage in case you were hurt while you were cycling.
- Theft protection – if your bike is stolen, the company replaces or reimburses you to its value.
These are the most common things covered with insurance, but you shouldn’t stop there. Good bicycle insurance will include much more, such as the following:
- Accidental damage – in cases where your bike is vandalized, damaged in an accident, lost or stolen, you get it replaced or repaired.
- Racing/ cycling event coverage – before a race or cycling event, if your bike is lost, damaged, or stolen, you also get the fee reimbursed.
- Spare parts up to a selected quote
- Replacement bicycle rental reimbursement – if your bicycle was somehow damaged or stolen and you had to rent another one to use, the company covers it, too.
- Transit and travel damages – if you’ve damaged it in transit, the company covers it.
How Much Does This Cost?
When you’re checking your options for insuring the bike, know that the cost will vary. It depends on several things. For starters, this depends on the type of bike you own. It also depends on where you live, and what you use it for.
For example, if you have an average bike and use it to get around, it should cost around $100 – $300 per year. The quote grows based on the bicycle value, as well as the coverage you get for it.
You should also know that some renters and homeowners insurance policies reimburse you in case your bike is damaged, vandalized, or stolen. This only works if it is listed in your policy, but it doesn’t cover many of the things that are listed above. For example, if you crash your bike, you’ll hardly be reimbursed for the damage or get money to cover your medical expenses.
Things to Do
To get the perks of the insurance coverage, you need to keep your end of the deal. When you get bicycle insurance, you should know the following:
Secure it to the best of your abilities
It is your obligation to secure the bike. You can’t just leave an expensive bicycle out there and expect the insurance company to cover the costs if someone steals it. It is your job to use secure locks when storing your bike, especially if you put it in an outbuilding.
Notify the company of changes and conditions
If you decided to go for this, you need to inform the company of pre-existing medical conditions such as ailments and injuries. Yes, this will increase the premium, but you’ll get coverage if you need to claim it afterward.
Also, you should notify the company if any changes occur, such as changing your address or moving your bicycle to a new place.
Should You Get Insurance for Your Bicycle?
Even if this isn’t legally required, it’s recommended that you do it. If your bike is worth more money or is highly valuable to you, it goes without saying that you should protect it in this way. Only actual bike insurances cover at-fault accidents and things like cost for bike rentals or transit damages.