Bicycling is a great way to save some while commuting and at the same time to get some exercise. Doesn’t matter how you make use of your bicycle, it’s always important to know the traffic rules and insure your bike properly.
It’s good to know that bicycling is regaining its lost popularity. As per the League of American Bicyclists, the number of trips made by bicycle has more than doubled in the last few years.
However, what about your bicycle’s safety? It’s really shocking when you spend your hard-earned money to purchase your long-cherished model only to find it stolen. Fortunately, if you have proper insurance, you can get the damage compensated.
Insuring your bicycle
Nowadays, a bicycle can cost you anything from a few hundred dollars for a basic model to several thousand dollars for a fast and light racing bicycle. It’s good that bicycles are covered under homeowners and renters insurance policies. This coverage will compensate you if your bike is stolen or damaged in a fire, hurricane or other disaster (according to the clauses in your policy). Moreover, under most policies, you’d be reimbursed if your cycle gets stolen from your car or truck.
There are two ways to insure your bike – for its actual cash value or its replacement cost. If you get actual cash value policy, you’ll be reimbursed based on the depreciated value of the bicycle. However, if you have a replacement policy, you’ll be paid the amount to replace your current bike.
Homeowners and renters insurance policies also offer liability protection in case you cause harm to someone else or their property through your bike and they he/she sues you. It doesn’t matter whether it’s your own bike or a rented one; you are covered as long as you have a home or renters insurance policy. Any standard liability protection policy has $100,000 to $300,000 worth of liability protection. However, higher amounts of coverage are also available.
Whenever you purchase a new bicycle, call your insurance professional immediately. Make sure all your biking accessories like helmet, pump, lights, saddlebag and riding jacket can be included in your policy along with the bike.
However, if the bike you own is very expensive (i.e., Litespeed Blade) and near to your heart, you can consider getting an endorsement to your homeowners or renters insurance policy. Today, a number of insurance companies have endorsement for sport kits; some specifically for bicycles. You just need to find out a legitimate company that offers policies at competitive rates. Consult your insurance advisor so that you can get the right protection for your bicycle.
