It is possible to get affordable bicycle insurance; you only have to explore the options available to you.
Insuring your bicycle is just as essential as insuring your home or your car and if you think about it, bicycle insurance is small compared to how much you would need to spend to replace it. There are several options that you can explore for you to find the right bicycle liability insurance.
The best place to start looking for insurance in the U.S. is through state or regional cycling associations who could possibly provide the necessary bicycle insurance that you need as part of their membership fees.
Different Bike Insurance Providers
There is the USA Cycling Event and Rider Insurance that has general liability and rider accident insurance where in their scope is the association events in which a permit has been issued. The insurance they provide covers road, track, mountain biking, cyclo-cross, collegiate and pro-events. They have several policies that you can choose from which you can decide on what is suitable for you. USA Cycling is partnered with Adventure Advocates to provide 24-hour worldwide accident coverage which has 3 different types of member accident plans. The Gold plan has a $25000 maximum coverage per year with a deductible of $500 and monthly premium of $35 as an individual and $42 per family. The Silver plan has a maximum coverage of $10000 per year, $250 deductible and monthly premium of $25 per individual and $31 per family. You will get a $2500 maximum coverage per year, $100 deductible and monthly premium of $20 per individual and $24 per family for the Bronze plan.
However, the above plans would not cover for severe injuries, which is why the USA Cycling also associates with provider Nicholas Hill Benefit Group so they could offer their members with medical insurance plans.
Another organization is the Better World Club which provides 24 hours nationwide road assistance, insurance and travel services. They offer bicycle roadside assistance in about 50 states and they also have transportation assistance for you and your bicycle up to 30 miles annually with a maximum of two service calls per covered member, per year.
These are just some of the options that you can look into. Another option is for you to upgrade your ordinary home and contents insurance or renters insurance or you can get an entirely separate insurance for your bicycle. It actually depends on what type of insurance you specifically want. The cost of the insurance is comparatively cheap and general insurers will most likely quote you based on how much additional amount you wish to increase your insurance coverage.
Options for Bicycle Owners in the U.S.
In the U.S. you can readily buy comprehensive insurance for your automobiles, motorcycles and scooters except for bicycles. This is why U.S. bicycle owners are forced to put together about three different types of insurance just to have an approximate coverage under a comprehensive insurance policy. They need to get insurance for the bicycle against theft and damages, medical protection for injuries to the bicyclist in the event of an accident and the third-party liability insurance that covers injuries and damages to the third party and their property.