Bicycles don’t come cheap, and protection with bicycle insurance is definitely worthwhile, considering that many bicycles are stolen every year. You aren’t legally required to have bicycle insurance, but not having it leaves you vulnerable to out-of-pocket expenses. Here are some facts you need to know about bicycle insurance.
1. Standalone bike insurance is worth the cost
Most home insurance policies provide some basic bicycle cover. However, by the time you’ve accounted for devaluation, paid your deductible and tallied up the increase in your insurance rate from the claim, it may not be worth it to use your homeowner’s insurance policy for bike-related incidents. Opting for a standalone bicycle policy is often best. Comprehensive cycling insurance at its most basic level will cover your bike for damage or theft. It comes at an affordable monthly cost, so you don’t need to worry about your budget.
2. Find out what bike insurance policies cover
Besides covering your bike for its full value, there are also options to cover third-party liability, racing coverage, transit and travel damage, medical expenses and more. The best bicycle insurance will even protect you and your kit on race days and replace it if you own an expensive bike and it is stolen.
3. You may get a discount for multiple bike cover
Bike insurance companies will give you a quote calculated based on your personal circumstances, the type of bike and the type of riding you will be doing with it. If everyone in the family owns a bike, you may get discounts for multiple bike covers.
4. Good theft protection precautions are usually required
Whatever bicycle insurance you choose, you will usually be required to have a good quality bike lock. It may require you to use one at home and when away from home. Your bike should also be stored securely at home. You need to make sure the bike is secured to an immovable structure when you’re out and about.
5. Worldwide protection
You can get a bike insurance policy that will give you protection all over the world and not just in the U.S. This is important if you have to travel to ride your bike in different parts of the world. You can get bike rental and event reimbursement, too, if you’re a racer. Some policies cover your medical expenses if you’re injured while riding.
6. Disclose all details to an insurance company
It is important to disclose all relevant details to an insurance company. If you select a policy that includes personal accident cover, you will need to be upfront about any previous injuries or ailments. If you aren’t upfront, it could affect your payout when you claim.
7. Be aware of any exclusions
You will probably take a look at exclusions when you decide on a policy. It’s worth being aware that most bicycle insurance covers commuting to and from work but doesn’t cover you if you have to ride your bike for work purposes.
8. Bike insurers cover e-bikes
Bicycle insurance companies offer ebike insurance coverage. They usually cover all the most popular types of e-bikes such as Schwinn, Electra, Pedego and Aventon.
9. Make sure your details are up to date
It is important that your policy document is accurate. Notify the insurance company if you discover any incorrect details, as this could be a problem when you have to claim. You should also make sure to notify the insurance company if anything changes, such as your address.
10. It’s a myth that bicycle insurance is expensive
Bicycle insurance actually isn’t that expensive when compared with the costs of not having any coverage. It means you can repair or replace your bicycle without breaking the bank. You can add more coverage at extra cost if you feel it’s essential.
Bike insurance can vary quite considerably from policy to policy, so you need to choose one that’s the right fit for you. Your quote should take into consideration factors like the type of bike you ride and your reason for riding it.