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The Complete Guide to Bicycle Insurance

The Complete Guide to Bicycle Insurance

With the recent health craze that has hit America, less people are attempting fad diets and more people are opting to get active. One of the most popular up and coming sports today is bicycling. Not only is it ideal for getting in a great exercise in a short amount of time, but it is also a primary source of transportation for many who either live in the city or don’t have a car. Bicycling is also a great way to lessen your carbon footprint. With the rise in popularity of the sport, The National Bike Registry now estimates that over 1.5 million bicycles are stolen every year. Yet very few individuals choose to take out bicycle insurance plans to cover their bikes.

Many people just assume that their bike will be covered by their homeowners insurance. But with bikes being used for transportation, often left outside of restaurants or busy shops, most bikes are stolen away from home and not covered by these plans. This leaves the uninsured biker without transportation, and alone in covering the cost of the replacement bike. High quality locks and chains can help prevent theft, but won’t always deter the skilled criminal. With mountain bikes reaching prices upwards of a few thousand dollars, the owner could be out quite a bit of cash.

Theft isn’t the only reason bike owners should consider purchasing bicycle insurance to protect their investment. Bikes often risk coming into contact with curbs, badly paved roads, and other cars which can all cause substantial damage to the bicycle. Vandals also target bikes, and bike parts can be stolen even from a well chained bike, leaving you with high repair bills. This is why it’s important to insure your bicycle.

Bicycle insurance is easy to obtain and can save you a great deal of money in the long run. First, it’s a good idea to compare quotes from a variety of different companies. You’ll want to compare price, coverage options, flexibility, liability coverage, as well as requirements. Some bicycle insurance companies will require the bicycle be worth a certain amount in order to provide coverage. It’s also important to consider how much the actual cash value of your bike is. While it may have been worth a great deal of money at the time of purchase, the value of your bike will likely have depreciated over time. Most bicycle insurance companies will only pay the actual cash value of your bike, and only after a minimum deductible. If your bike is worth less than the deductible, it may not even be worth insuring. Bicycle insurance, however, is a must for new and expensive bikes. You’ll want to be sure to document your purchase and save your receipts.

Bicyclists may also want to consider insuring themselves while biking. Some bicycle insurance companies offer coverage against third party damage caused by the bicycle, or personal injuries incurred while biking. For the avid biker, these might be worth looking into. Whether you’re an occasional bicyclist, or an avid competitive cyclist, bicycle insurance is something every bike owner should certainly consider. While it may cost a little out of your pocket now, it could end up saving you a fortune in the long run.

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