Do I Need Bicycle Insurance?

Bicycling is an incredibly popular hobby and sport. It’s a wonderful way to get more exercise, spend engaging time with family or friends, or use as a hobby outlet to expend time and energy. At the same time, it can also be a potentially dangerous physical risk and turn into an expensive investment that may require safeguarding. As cavalier as bicycling can feel, it may be worthwhile to consider bicycle insurance.

Is Insurance Required By Law?

Bicycle insurance is not a legal obligation. However, bicycle insurance is a smart business decision, especially if you have made a substantial financial investment. In truth, most claims specialists will tell you that they handle quite a few bike related claims every month. The National Bike Registry states that there are 2 million bikes in the US stolen every year. The odds of your bike being stolen within the year are pretty high, even if you lock it. When you take everything into consideration, bicycle insurance is not a bad idea at all. It is actually quite easy to get insurance for your bike. In fact, there are even several options available to fit your needs.

  • Homeowners or Renters Insurance – full bicycle insurance is available if you have either homeowners or renters insurance. These policies typically include personal property coverage such as content insurance which protects all of your belongings including your bicycle. In addition, many policies will cover your bicycle even if it was stolen at another location besides your home.
  • Additional Coverage for Your Bicycle – extra coverage or scheduled personal property will cover bicycle theft. It will also cover accidental loss and damage. It covers just about everything except everyday wear and tear.
  • Specialty Bicycle Insurance – sometimes there are special circumstances that are outside the typical bicycle insurance policies. For instance, accidents that happen during a back road race will not be covered by rental or homeowners insurance. This is when it is best to have specialty bicycle insurance so that the full cost of any bike-related accident is covered.

Which Is the Best Coverage?

The basic renters or homeowners insurance is probably all that you need to insure your bicycle safely. However, it never hurts to add extra coverage to a policy that suits your needs:

  • Crash damage
  • Racing coverage
  • Cosmetic damage
  • Medical payments
  • Residential theft
  • Theft away from home

Regardless of what type of insurance you choose, you can relax in knowing that you and your bicycle will be covered if it is stolen. And with bicycle theft on the rise, you can be rest assured that your investment is covered.

To assess your bicycle coverage and ensure you are protected, contact us at 772-287-3625

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