Why We Need Bicycle Insurance
There are various forms of bike insurance to choose from. It is best to compare bicycle insurance plans so that you can decide which one best suits you.
Given that cycling is becoming more and more popular these days, it is even more essential to get a bicycle insurance. If you think about it, bigger vehicles such as cars are being stolen from the streets and parking lots; how much more can a bicycle be stolen when it is easier to be taken from you?
Bicycle insurance is also becoming more essential because there are some people who are also using their bicycle as an alternative transportation not only to save on gas but also to remain fit.
My bike is covered by my homeowners insurance.
The basic bicycle and bicycle-related incidents get covered by insurance in different ways depending on the policy that you avail from a particular insurance company. The province or state that you’re in will also make a difference in the coverage and other details of insurance.
Typically, the homeowners and the renters insurance may normally cover your personal property worldwide against dangers which includes theft, and of course this will include your bicycle. However, there are limitations and possible exclusions on the coverage, again depending on the insurance company and in the province or state that you live in.
How much coverage will a bicycle insurance policy provide?
Should you be wondering how much you will get from the insurance in the event that your bicycle gets stolen, know that the insurance company normally pays actual cash value for personal property which are damaged or stolen. We are talking about how much the actual cost of the item is at its present condition. If your bicycle is about a few years old, it will be valued at the cost of a new bicycle less the number of years that you’ve had the bicycle which refers to the depreciation of the item.
However, if you availed of replacement cost insurance, then your bicycle will be replaced without considering the depreciation value. Your stolen bicycle will be valued at the same cost of a current brand new bicycle of the same quality of the one you lost.
Remember that the bicycle insurance policy may normally come with a deductible that could range from $100 to $1000 depending on the policy you availed.
Do I really need bicycle insurance?
You might say that you do not need bicycle insurance because you only use your bicycle about twice a week. Even though you rarely use your bicycle, it is still worth getting insurance for it especially if your bicycle costs a lot and your home insurance policy does not cover bicycles if they exceed a certain value, if it was taken away from your home, or if you took or used your bicycle to go somewhere and it got stolen.
Bicycle insurance may be the least of your priorities but it can be worthwhile, especially if you have an expensive bike or if you rely on it to transport you from home to your work, or any other place for that matter. If you value your bike, getting insurance for it is highly recommended. It may not mean that it would prevent thieves from stealing your bicycle but at least you are guaranteed that it would be replaced or you will get funds that you could use to replace it at the soonest possible time.