A good quality bicycle does not come cheap, so you may want to insure this valuable asset. All insurance policies are different, so you will need to shop around to see who can offer you the best deal on insurance for your bicycle. You should also consult your current insurance broker, who may be able to include your bicycle into your current insurance scheme.
Bicycles are smaller and less complex than a car, which also means that they are a lot easier to steal. Although bicycle chains can deter thieves, they are not a fool proof anti-theft solution so considering insurance for bicycle theft is a worthwhile option. Renters and homeowners insurance overs items of personal property, with each company stipulating its own limitations and exclusions.
Depending on the type of coverage you have, personal property such as a bicycle may be paid out with Actual Cash Value (ACV). This value is based on the age of the item, calculated using depreciation value. If your bike is stolen, you may need to provide evidence to document your claim, such as a photograph or a police report to show that the bicycle actually was stolen. You will also need to prove that your bicycle’s worth by getting an estimate from a bicycle shop or price lists from catalogues.
What about being covered while you are bicycling?
Unlike auto insurance, insurance for bicycle riders may be covered under personal property coverage through renter's or homeowner's insurance. This could include cover such as vandalism, theft, or being damaged by other vehicles. Remember that if it is another person that damages your bicycle, they are obliged to compensate you for your loss. If you suffer any injuries while you are cycling, you will generally be covered by your medical insurance.
To find out more about the policies available to you that would cover the cost of a stolen bicycle, contact your insurance company to see how they can provide you with a relevant policy solution. Having your bicycle insured can be a worthwhile choice, as bicycles are expensive assets that should be covered in case something should happen.
