When you own a bike, it's natural to wonder what kind of cover is needed to protect your investment. Although 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 kind of cover 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 cover and the costs of taking out bicycle insurance.
What is bicycle insurance?
Bicycle insurance covers damage to your bicycle, theft of your bicycle and, in some cases, medical expenses.
If you own a bicycle, you will want to invest in some type of bicycle insurance in case it is stolen or vandalised.
Most policies include third party liability coverage that covers the cost of damage or injury you may cause to the property of others. This includes bicycles.
Other types of coverage include:
- Property damage to other people's property (including bicycles).
- Theft - Bicycle insurance provides reimbursement of the purchase price of a new bicycle if yours is stolen during the policy period.
- 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 pavement or a collision with a vehicle), the bicycle insurance will cover the expenses of 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 cycling, Bike Insurance can cover medical expenses up to a maximum of 5,000 $.
Types of bicycle insurance coverage
There are several types of bicycle insurance cover. Here are the main types:
- Accidental damage cover
- Coverage in case of theft or loss
- Coverage of medical expenses and death benefit
- Coverage for rental
- Complete protection against all types 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 protection can be useful, 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?
Motorbike insurance is generally 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 lower. 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 type of insurance will give you peace of mind knowing that you can get your bike repaired or replaced, no matter what happens.