clock July 23, 2020 comments No Comments flowchart Our Blog tag Liability
a couple riding their bikes while thinking about bicycle insurance

Many people are choosing bicycles today, because they’re a great way to exercise, economize, and stay safe during the pandemic. However, you need to protect your new asset.

Here’s what you need to know about bicycle insurance so you and your ride are well-protected.

Homeowners, Renters & Condo Insurance

In some cases, a standard homeowners, renters, or condo insurance policy will provide some coverage. However, whether it provides sufficient coverage depends on your policy, how you ride, and the value of your bicycle.

Theft & Vandalism

Thankfully, most policies provide theft and vandalism coverage which is a good thing as thieves steal about a million and a half bikes in the U.S. each year. Your insurer will only pay out up to the policy limit and you will need to pay your deductible.

Physical Damage

You may be covered if you’re in an accident while transporting your bike. However, if you crash your bike or collide into an object or person, your homeowners, renters, or condo insurance probably won’t cover it. You’ll need your insurance agent to schedule it as a separate item on your policy.

If a driver hits your bike and they’re at-fault, their auto insurance kicks in. If they don’t have insurance, you can file a claim under your homeowners, renters, or condo policy.

Medical Costs

If you’re involved in an accident with a driver, it’s your fault, and you’re injured your health insurance may cover you. If you have medical payments or personal injury protection coverage through your auto insurance it could possibly cover medical bills, lost wages, and suffering up to the policy limits. You may need to pay a deductible.

If you’re involved in an accident, it’s the other person’s fault, and you’re injured their insurance should cover your bicycle and injuries. If they don’t have insurance, you can file a claim through your auto insurance’s uninsured motorist coverage.

If you cause injury, damage, or death, the liability limits of your homeowners, renters, or condo policy may provide coverage.

When You Need Additional Coverage

The Insurance Information Institute suggests you will need additional insurance in the following situations:

  • You own a bicycle that costs more than a few hundred dollars
  • You ride off road regularly
  • You compete in BMX or do stunt riding
  • You own a one-of-a-kind bike
  • You don’t have homeowners, renters, or condo insurance
  • You don’t have health insurance

Special Note on Electric Bikes

With the move towards a greener environment, many people are choosing e-bikes. They’re quite expensive, more costly to repair, heavier, and they travel at faster speeds.

What most people don’t realize is that your homeowners, renter or auto insurance do not cover e-bikes. E-bikes are motorized vehicles. Auto insurers don’t usually offer coverage either, but a local, independent insurance agency like ours can often find coverage through a specialty insurer.

Don’t drive your e-bike without coverage. They have the potential to cause significant damage and bodily harm. If you’re found responsible for an accident you could be held personally responsible and bear a substantial financial burden.

If you need additional coverage for your bicycle, contact us. We can usually add a rider to your existing policy or you can buy an additional policy at a reasonable cost. It’s just not worth the risk when coverage is so affordable.

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