Think bicycle insurance is just for the pros? Think again! More and more people are bicycling both for leisure and as a method of transportation, and more than ever before, these bicyclists are riding insured. Bicycle insurance covers liability, damages, loss, and even medical payments in some cases. And if you ride frequently, it’s something you should at least consider.
What You Must Know About Bicycle Insurance
Many people falsely assume their homeowner’s insurance will cover bicycle theft. Sometimes it does, but even in those cases, there may be a deductible or low coverage limits. In addition, a claim may greatly increase your homeowner’s insurance rate. In some cases, your insurance provider can add a separate rider to your policy to insure your bike. These riders, however, will not cover parts, equipment, clothing, or roadside assistance, which is often part of bicycle insurance plans.
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You may feel that you are careful with your bike and you don’t need insurance. You always keep it locked up safely, and keep it in the garage when you are not using it. It used to be that locks were hard to beat, but more often we are hearing stories of bikes stolen despite the locks in place. Expensive bicycles are a high commodity, and are in demand. Your lock won’t deter a determined criminal.
Many amateur cyclists believe that insurance is just for professional athletes. Consider, however, your total investment in your bike. Think about the cost of being fit for the bike, the bike itself, and any accessories that you have added. The cost of your bike may be thousands of dollars. Still, some shy away from a bicycle insurance policy feeling that they are prohibitively expensive. But, in most cases, these policies are only $200-$300 per year for general coverage. This coverage provides peace of mind for you while you are on the road, and will help you rest easy with the knowledge that your investment is protected.
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At Kass & Moses, our attorneys all ride bicycles regularly. We believe that everyone must balance out their need for insurances of all times, including bicycle insurance. Remember to ask your provider the extent of your coverage, and contact experienced bicycle accident attorneys should you ever be in an accident.