Bicycle insurance is much more prevalent in areas of the world where bicycle travel is more common for commuting or as a main mode of transportation. If you combine this with bicycles that are more expensive or may even be somewhat difficult to replace from a monetary standpoint, bike insurance is something that may offer significant value.
There are some alarming statistics on the number of bicycles that are stolen on a regular basis. This doesn’t have to mean you are at risk, but statistically speaking, you are likely to need to replace your bike at some point in time due to theft.
Bicycle insurance is available from several providers in both the US as well as Europe, specifically the UK. Of course places in the world that are more bike friendly will also have a tendency to have a greater number of cyclists which means the demand for bicycles may increase and also prompt theft.
There are a few main things to consider when trying to decide whether or not to purchase a policy. The value of the bicycle or replacement cost is one of the main concerns. Do you have a home owner’s policy or renter’s policy that will already include a bicycle? If so, does this policy include your bicycle if it is stolen or otherwise damaged while not at your residence? Check with your agent to determine if this is the case before getting too deep with bike insurance quotes.
You would have certain obligations as the bike owner in order to qualify for coverage. Depending on the value of the bike, you would have to use an approved lock. You would also need to make sure your bicycle was locked securely at all times and secured to an immovable object. Some of this seems like common sense, but it may be in the nature of certain companies to want to pay out as little as possible, so an extra level of awareness of what your policy requires and caution to see that it happens will save you some pain caused by making a stupid mistake.
Some of the coverage for bicycle insurance includes theft, accidental damage, vandalism, personal accident coverage, third party coverage, breakdown recovery (roadside assistance), taxi ride home if your bike is stolen or otherwise disabled, and global coverage when your bike is being used outside of your regional area.
The cost of some bikes can exceed several hundred if not a few thousand or more. That said, make sure that the policy you are considering does have sufficient coverage. This may mean you won’t be getting the cheapest bike insurance on the market, but even cheap bike insurance isn’t always the best answer. Sometimes you get what you pay for.
Research and asking the right questions as well as reviewing the fine print is the best way to make sure you have good coverage. There are no shortage of willing agents that will give you bike insurance quotes and more than just a couple of options for companies offering these quotes.
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