Bicycle insurance is no longer considered to be a very tiny market, as it is not usual to find a person riding a bicycle made of carbon fibre and worth thousands of dollars. More and more insurance companies are getting into this market and are now providing insurance policies specifically designed for bicycles. But you need to be aware that there could be huge differences in the policies offered from different companies.
For example, a certain bicycle insurance provider may charge as little as $6 per month, but it is aimed more at people who are worried their bicycle will get stolen, and so it doesn't include any public liability costs in the event of an accident. But another company may charge $19 per month, but are more aimed at public liability coverage rather than theft and/or damage. In many countries, bicycle insurance is not very common yet, and websites to compare insurance prices haven't caught on yet, so finding the best deal for your bicycle insurance may be a bit of a challenge.
Insurance against Damage or Theft If a safe and secure bicycle is the highest priority, then you should contact your home and contents insurance provider to find out if bicycles are already included. If your home and contents insurance policy does not specify bicycles, then you would probably be limited by how much you could claim anyway. If you are someone who owns a very expensive bicycle, an extra $10-$15 a month may be a worthwhile expense if it gives you a little peace of mind. A crucial point that people should be aware of is whether or not their bicycle insurance policy will cover their bikes when away from home. This is because each year, thousands and thousands of bicycles are stolen from parks, streets and workplaces. You need to ensure your bike is always secured with a lock when away from home, or else you risk the insurance company not covering you.
Travel Insurance for Bicycles. If you have a household policy, you should check to see if the policy also covers you while you are travelling on holidays. If your policy covers you while travelling, does it give you enough coverage for your bicycle as a single item? Are there any exclusions you need to be aware of?
Travel insurance is always great, but you need to make sure that it offers enough coverage for your bike as a single item in the event that it is lost or stolen during transit. You should also investigate the policies of your airline or transport operator with regards to lost or damaged items (such as your bike).
Public Liability Insurance? Tell me more... This will vary between countries. The consequences, both financial and physical, to you if you are involved in an accident with a pedestrian, another cyclist or motorist can be very traumatic. Even if you are not at fault, the court costs, medical and legal expenses can be extremely high. Public liability insurance will cover you if you are at fault, and it also covers you if the other party is at fault or does not have any insurance.
In some cases, normal household insurance or car insurance may provide coverage for public liability case, but you should always ask your insurance provider. You should contact your insurance provider to make sure.
The Benefits of Bicycle Insurance There are many benefits to having bicycle insurance. You should really consider it due to the number of thefts and accidents happening each year around the world, and also the number of uninsured riders who are left with out-of-pocket expenses.
It makes sense to go for bicycle insurance from a provider who already provides insurance for cyclists. They should also ask you if you can prove the bicycle is yours and care quite strongly about what sort of lock you are using to lock it up when you grab a coffee with friends or leave it outside work.
You should never take bicycle insurance lightly, as it could potentially save you thousands of dollars in out-of-pocket expenses if you have an accident.
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