When you own a bike, it's natural to wonder what kind of coverage is needed to protect your investment. While it may seem like a niche topic, bike insurance is actually something that many people only think about when they need it.
If you own a bicycle, you probably want to know how bicycle insurance works, what type of coverage you need, and what you should do if you need bicycle insurance in the first place.
In this article, we will explain what bicycle insurance is, the different types of coverage and the costs of purchasing bicycle insurance.
What is bicycle insurance?
Bicycle insurance is coverage for damage to your bicycle, theft of your bicycle and, in some cases, medical expenses.
If you own a bicycle, you'll want to invest in some type of bicycle insurance in case it gets stolen or vandalized.
Most policies include liability coverage that covers the cost of damage or injury you may cause to someone else's property. This includes bicycles.
Other types of coverage include:
- Property damage to other people's property (including bicycles).
- Theft - Bicycle insurance provides reimbursement for the purchase price of a new bicycle if yours is stolen during the term of the policy.
- Bodily Injury - If you are injured and it is proven that your injury was caused by an event covered by the bicycle insurance policy (such as a fall on an icy sidewalk or a collision with a vehicle), bicycle insurance will cover expenses related to any resulting treatment or rehabilitation and will provide a maximum liability limit of $1 million per person.
- Medical Expenses - If you have a medical emergency while riding your bicycle, Bicycle Insurance may cover medical expenses up to a maximum of 5,000 $.
Types of bicycle insurance coverage
There are several types of bicycle insurance coverage. Here are the main types:
- Accidental damage coverage
- Coverage in case of theft or loss
- Coverage of medical expenses and death benefit
- Coverage for rental
- Complete protection against any type of damage to your bike, including normal wear and tear.
- Value Protection - protects you against the cost of replacing your bike if it is stolen, damaged or lost. As long as your bike is worth more than 1,000 $, this type of coverage can be helpful, as it offsets the cost of buying a new bike if yours is stolen or damaged. You can learn how to report your bike accident here
How much does bicycle insurance cost?
Motorcycle insurance is usually more expensive than car insurance. If you have a high quality bike, it can cost between 300 and 500 $ per year.
However, if you are new to cycling and have a cheaper bike, the cost of bike insurance will be much less. It's important to remember that bike insurance is something you can't really do without if your bike has been stolen or damaged.
As with any other type of insurance, the more coverage you want for your bike, the more expensive it is.
Bike insurance protects your bike against theft, vandalism and unintentional damage. It also covers you if you are injured while riding your bike. The right kind of insurance will give you peace of mind knowing that you can get your bike repaired or replaced, no matter what happens.