Many people have never considered a need for bicycle insurance. Either they do not ride often enough or they do not think that a bike would have its own form of protective insurance. However, serious cyclists and commuter bike riders recognize a need for such a plan. Without some sort of protection, expensive bicycles are little more than a liability—like a theft—waiting to happen. Unless the rider can find appropriate coverage, purchasing and riding an expensive bicycle is nothing short of foolish. Fortunately, there are options that insure cyclist’s bikes, even expensive bikes.
The first detail to consider is the value of the bike and the frequency of its use. If the bike is of low value, or is ridden infrequently, the rider may be satisfied to write his or her bike into a homeowner’s policy. The limitations for placing bikes under this umbrella are easy to see, but if a bike spends most of its time in or near the home, this level of coverage will most likely be adequate. A valid concern, for riders who go out often, with grouping a bike under a homeowner’s policy, is that the bike will be stolen or broken away from the house. If that is the case, homeowner’s insurance will not cover the loss.
Homeowner’s insurance for a bicycle is only useful for infrequent riders. Special individual bike policies are needed for anyone who rides on a consistent basis. A specialized policy will cover most losses sustained by cyclists. Theft is the number one cause of a bicycle loss. Not surprisingly, accidents are the second most common. In the fast paced, automobile world, bikes are an unfortunate casualty. Often times, bikers are hit by drivers who have only crept into a crosswalk. The cyclist is tipped over and usually sustains no bodily injury, but the bike, upon hard impact, ends up with a bent frame or wheel. Theft and accidents will be covered by adequate insurance.
There are a few caveats to consider when purchasing insurance for bicycles. If the rider is not careful, he or she can easily not comply with the stipulations of the policy. Riders should consider reading the insurance policy closely for all expectations. For example, if cyclists do not have an approved lock for their bike, they will not be covered in the event of theft. To ensure coverage for theft, the rider should talk with his or her insurance representative and to find out what locks are approved. Once an approved lock is purchased, cyclists will be wise to send proof of purchase to the insurance company so that if a need to file arises, they cannot dispute that the lock had been purchased before the event and that it was of an approved brand.
If these concerns resonate with cyclists, they can be certain that it is the right choice to purchase coverage. Bicycle insurance may be an extra bill, but the peace of mind that comes from knowing that a rider’s investment is protected is worth the monthly rate. If riders are unsure, as to whether they need coverage it is easy enough to consider the pros and cons of riding without it. If the cyclist can say that his or her bike would be too expensive to replace with money out of pocket, it is smart to have coverage. If the cyclist rides an expensive cycle more than twice a week, it would be foolish not to have it covered. Bikes are among the easiest targets to steal. Even with a hefty lock, chances are good that a cyclist will have his or her bike stolen at least once in his or her riding career.
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