What Is Bicycle Insurance and Why Do You Need It?
Any biker will tell you that their bike is a member of their family. They've given it a name, spent a lot of time riding it, and normally keep it inside and out of the weather.
Bike ownership isn't simply a sentimental investment; it may also be a financial one. It's not uncommon to possess a bike for more than $13,000, thanks to all the carbon components, disc brakes, and computerized groupsets.
Sure, some homeowners policies cover theft, but what if you have an accident while out riding? Bike insurance, like vehicle insurance, is a stand-alone policy that protects not only your bike but also you from theft and liability.
What Is Bike Insurance?
There are a slew of bicycle-specific insurance firms out there right now, but we'll focus on one of the most popular for this example: Veloinsurance. It's a group of cyclists who have teamed up with a US insurance business to offer multi-risk plans tailored specifically to bikers. Markel is another specialist insurance firm that provides bicycle insurance, as well as tailored coverage for small companies and other sports and fitness-related applications.
Veloinsurance packages include choices to cover your bike for its full worth, which means you'll be able to replace it if it's totaled. A total loss might occur if your bike sustains irreversible damage in a collision or accident, or if it is stolen from a secure position.
Home Insurance vs. Bike Insurance
As previously stated, homeowners insurance normally does not provide adequate coverage for dedicated bikers. Home insurance plans vary, but they often only cover a portion of the value of the bike in the event of theft, theft away from home, and medical bills.
These similar possibilities are available with bike insurance, but with more comprehensive coverage. Crash damage, theft coverage, vehicle contact, personal liability, replacement bike rental, event fee return, cycling clothing, medical payments, racing coverage, electric assist bicycles, and bicycle airplane shipping coverage are all available via Veloinsurance.
Even better, if you file a claim, it won't influence your homeowner's insurance rate.
Coverages
What exactly does this imply for cyclists? Using our Veloinsurance example again, filing a claim is as simple as it gets. It's teamed with local bike shops all around the country to examine your bike and assess whether or not it can be repaired (and give you an estimate).
With coverages in particular increments, the liability protection covers everything from injury, sickness, death, and damage to personal property. Pay solely for the monetary amount you're interested in, like with most insurances.
Bike insurance will cover you if your bike is stolen or lost while traveling—for example, if it is stolen off the car rack or destroyed while flying. Other insurance companies may give this, but filing a claim might be tricky.
Medical coverage is provided with bike insurance, much like liability protection. It's a terrific approach to augment your health insurance and account for your personal contribution if you're in an accident and need financial assistance (up to the policy limit, of course).
Bike theft is prevalent, particularly in large cities and metropolitan regions. Bike insurance provides theft coverage in the event that your bike is stolen or returned and is unable to be recovered or is damaged while being stolen or returned.
Crash protection is the most prevalent sort of bike insurance, and almost every bike insurance company provides it in some form. This might range from losing control and falling on a downhill to having your bike smacked from behind while on the trailer hitch rack.
Many bike insurance providers (including Veloinsurance) provide international coverage, so your bike is insured if you damage it or wreck it while traveling outside of the United States or between nations. It's an extra layer of security that can help alleviate some of the tension of biking.
