Cycling equipment can be expensive and mishaps occur – crashes, theft, driving into your garage with your bike on the roof of your car… Bicycle insurance can help cover the cost of replacement of your damaged equipment and the equipment of others. This article is meant to get you thinking about insurance possibilities and is not meant to be insurance, financial, or legal advice.
What Most Cyclists Do
Most cyclists do not have any specific insurance to cover any sort of loss. They will cover whatever loss they incur out of pocket with no insurance; this is called self insurance. And most of the time it works – a dented rim here, a broken handlebar there is not a big deal. But what happens when the damage is more significant?
Start With Your Homeowner’s Insurance
Check what your homeowners insurance will cover. Chances are it will only cover your bike if it is stolen from your home. And even then, homeowner’s insurance may only cover the bike if it has its own rider and it is below a certain value, while possibly increasing your premium. If you find that the homeowner’s insurance is not enough and you would like coverage, specific bicycle insurance may be right for you.
If you’re not a home owner, renters insurance can offer similar coverage to that of a homeowners policy including theft of your bike. You need to read the details of the specific policy to ensure the coverage meets your expectations.
Bicycle Insurance Companies
Two main companies that offer bicycle insurance in the US are Velosurance and Markel Bicycle Insurance. Both offer comprehensive insurance on your material cycling goods – bicycle and clothing – and additional medical coverage if you choose it. There are many a la carte options; if you do opt for bicycle insurance, think ahead about what you would like to cover. The basic policy will cover your bicycle in the US. If you are traveling abroad, you may want additional coverage. You may have additional bikes or equipment to cover as well. The insurance can cover most things cycling related as long as you are willing to pay the premium. Read the details of whichever policy you are considering so you are certain that it meets your needs and expectations.
Other Options That Can Include The Bike
There are also other options that can include forms of bicycle insurance. Depending upon your local cycling association, they could offer a policy or could be associated with a company that does so. If you are traveling, abroad specifically, finding a travel insurance policy could meet your needs from airline damage to if an accident happens. Some motor vehicle policies may also offer coverage for your bicycle but potentially only if a bike was stolen from the vehicle itself. Read your policy to find out if you would be covered. In addition to covering your bike, you may want coverage for if something happens such as damage or injury to another persons property or self. Personal liability insurance can be an option in addition to an umbrella policy which covers past what your general insurance would cover. Again read your specific policies details to see if it meets your needs.
Read the Fine Print
Like any policy, read the fine print to ensure that you have the coverage you need for bicycle insurance. If necessary, enlist a professional with experience in bicycle insurance to help guide you. Choose the right policy with the right additions and it could save you a lot of money in an unfortunate event. The opposite is also true; you could end up wasting money if you chose the wrong policy.