However, many cyclists don’t think about what happens should their bike be stolen, damaged, or if they are injured while riding.
Here are some common questions about insurance coverage for cyclists:
What if my bike is stolen?
Most homeowners or renters insurance policies will cover the cost of a stolen bike, but not all of them. The safest route is to check with your insurance agent about your coverage. In the case of a stolen bike, filing a claim might not even be worth it if you have a high deductible. Review the cost of the bike in comparison to your deductible to decide if it’s worth it to file a claim.
What if I hit a car, pedestrian, or other cyclist while on my bike?
Many people think that their auto insurance will cover them if they are involved in an accident while on their bike. This is not the case. Auto insurance only comes into play if you were driving a car.
If you are responsible for an accident while riding your bike, your homeowners or renters insurance might cover the damages of the affected party. Again, it’s important to check with your insurance agent to make sure you have that level of coverage.
What if I am hit by a car while on my bike?
If you are hit or injured by someone else driving a vehicle, their auto or homeowners/renters insurance will cover your medical expenses and property damage. In the unfortunate event that the responsible party is uninsured, under-insured, or flees the scene, you may have to utilize your auto policy’s UM/UIM coverage (uninsured/under-insured coverage).
Should I get a separate bicycle insurance policy?
With the number of bike accidents these days it’s a good idea to consider purchasing a separate cyclist insurance policy. These policies start as low at $100/year. If you own a bike and accessories that are worth more than $100, this is a great investment. Purchasing a bicycle insurance policy also gives members of USA Cycling, Triathlon, and other cycling associations access to discounts.
“Don’t wait until it’s too late to get bicycle insurance!”
Contact JR Carnahan to get more information on bicycle insurance today.