How do you know if you’re one of them? Your bike might be covered under your homeowner’s or renter’s insurance policies. If you’re regularly biking–and many of us are now–begin by checking those policies to see what they cover. Armed with that information, you can assess your situation and decide if you need more. What will bicycle insurance cover that your homeowner or renters policy might not?
- Medical payments. If you’re injured while riding your bike, bicycle insurance can cover your medical costs.
- Replacement costs. If your bike is damaged or stolen, bicycle insurance cover costs to fix or replace your bike.
- Personal liability. If you cause injury to others while riding, bicycle insurance can protect you from those costs.
- Uninsured motorist. If you’re injured by an uninsured driver, bicycle insurance can fill that gap in coverage.
- Event entry fee reimbursement. If you’re riding competitively and you prepay an entry fee but are injured in a covered incident and cannot compete, bicycle insurance will reimburse your entry fee.
Some of these costs can be covered by other policies. For example, personal property insurance (part of typical homeowner and renter’s policies) can cover damaged or stolen bicycles. Liability insurance coverage is often part of your home or renter’s insurance policy. Depending on fault, the at-fault individual’s policy can coverage damages and injury costs.
Given that other policies offer some of the same coverage, when does purchasing bicycle insurance make sense?
- No homeowner’s or renter’s insurance. When you don’t have homeowner’s or renter’s insurance that can cover a bicycle, a bicycle insurance policy can protect your bike.
- Value of the bike exceeds policy limits. If your bicycle costs more than the coverage limits on the homeowner’s or renter’s policy you have, consider getting more coverage through a bicycle policy.
- Low limits / high deductible health insurance. When your health insurance deductibles have low limits or steep deductibles, bicycle insurance can provide good gap coverage. Bicycle policies are often comparatively inexpensive.
- You compete. Competitive cyclists ride more and spend more on entry fees. Bicycle insurance often makes sense for competitive riders.
Expect to pay about $100/year for coverage and be sure to get information on all of the perks a company offers before you choose your insurer. Some policies will include road-side assistance. Others, reimburse taxi fare if you’re in an accident and unable to bike home. When you know what your current policies cover, their limits and deductibles, the cost of your bike, and how and why you ride, you’re armed with all of the information you need to make a smart decision about the kind of coverage you need to protect you and your bike.
