Protect Your Bicycle: 5 Insurance Myths

Wearing a helmet is second nature, your bike has reflectors, and you always ride alert and attentive. But are you leaving yourself exposed by riding without bicycle insurance? Markel Insurance, one of the nation’s bicycle insurance agents, developed a list of 5 bicycle insurance myths.

1. My homeowner’s insurance policy will cover me if my bicycle is stolen. Maybe. But chances are your policies limits on sporting goods are low. In addition, once you cover the cost of the deductible you may find you get very little benefit from that policy. Bicycle insurance policies have lower deductibles – often as low as just $100. A claim on your homeowner’s insurance policy may also increase your rates – and you may find that between the increase in rates and the deductible you pay MORE for your bike loss than you receive in benefits.
2. My agent offered to add a rider for my bike – that will cover me. Not necessarily. It may not cover for theft and will probably not cover apparel, added parts, and gadgets that are part of most of our bikes. In addition, bicycle insurance often comes with roadside assistance either included or for low cost.
3. I have an expensive bike lock – I don’t have to worry about my bicycle getting stolen. Think again! Even the most expensive bike locks are vulnerable to thieves, and equipment for defiling them is getting more high-tech. According to FBI reports and statistics, a bicycle is stolen every 2.8 minutes. And criminals are very savvy – they know well that your bicycle is worth thousands of dollars.
4. Bicycle insurance costs too much. Nope! Some policies cost as little as $100 a year. For the peace of mind that comes with insurance, this is a small price to pay. When you consider the price of your bike, going without insurance could be far more costly!
5. Only pros need bicycle insurance. Actually, amateurs and pros can all benefit from bicycle insurance. It travels with you throughout all 50 states, and many policies come with extra benefits, like roadside assistance. In addition, if your bike is stolen or you are in a bicycle crash, your agent will be able to provide speedy, attentive assistance.

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Don’t take chances when it comes to your bicycle – consider calling an insurance agent today for more information about bicycle insurance. And if you are ever in a bicycle crash, first contact a bicycle crash attorney and then your insurance agent. You’ll rest assured that your bike, and your body, will be made new again!

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