4 Things to Look For in Bike Accident Insurance
If you’re an avid biker in Miami with the top of the line equipment, then you’re probably pretty proud of your setup.
You may be confident in your skills but there’s always some level of risk when riding on the open road. Having a serious accident on your bike can be expensive when you’ve invested a lot into your gear.
Recovering financially from a bike crash in Miami can be just as challenging as recovering physically. Here are things you should look for in bike accident insurance.
1. Why Type Do You Need?
There are two main types of bicycle insurance that you can use to protect your bike in Miami. One type is via your home and contents insurance or you can get an insurance product that is specifically for your bicycle.
There are pros and cons to either decision. So let’s breakdown the differences and which type is best for you.
2. Home Insurance Policy
It may seem simple to just put your bike on your home insurance policy. Since it keeps everything neatly under on policy. However, if you have a valuable bike, your home insurance is most likely not going to cover the cost to replace it.
Plus, if you have more than one bike, some home insurance policies will have a total claim value maximum on all bikes. You can certainly check for policy extension options to let you insure all of your bikes for closer to their actual value.
Don’t assume that your bike is going to be protected under your home insurance policy for all kinds of theft. Most home insurers require additional theft prevention measure for bikes. This includes sheds, garages or outbuildings.
Check the Fine Print
Your bike may also not be covered if it is away from your home or when someone else is using it. Be sure to check with your Miami home insurance policy to see if there are add ons you can use to cover these types of circumstances.
Accidental damage is another area of your home insurance that you should check for coverage. Most often insurance policies are unlikely to provide coverage for a personal accident that results in bike damage. So if you attend a sporting event or race outside of Miami and have an accident, your home insurance policy may not cover it.
3. Do You Need Liability Coverage?
Even if your bike is covered by your home insurance, you should also check to see if you have liability coverage. Drivers in Miami are required to have liability coverage when driving a motor vehicle in case they are in a collision that is caused by the driver.
If they are to blame, the liability insurance will protect them and cover the costs incurred by the accident. If you are involved in a motor vehicle accident in Miami, their insurance is most likely going to cover damages that include your bike and equipment.
This is because the driver is typically at fault when it comes to bicycle accidents that involve a motor vehicle. They are also the ones who are worst off after the accident.
However, some Miami cyclists still do have liability insurance. Although uncommon, there’s a possibility that liability could be with the cyclist. In this case, it is possible for the injured party to make a claim with the cyclist’s home insurance policy.
It is common for home insurance policies to cover first-party property and third-party liability claims in order to protect the homeowner and their family members who live there from claims made against them.
4. Miami Bike Accident Insurance
Although you are not legally required to purchase insurance as a cyclist, if you are an avid biker and want to protect your property then there are policies available.
These types of insurances largely focus on covering the bike rider and your equipment. These specialized insurance policies also offer perks such as cover for when you are forced to cancel an entry to a race or damage to a bike during transit or when traveling on a plane.
They will also include third party liability insurance to protect you if an accident happens that you are considered at fault for. This could be in the case of a motor vehicle accident or injury to a pedestrian. There are also instances where a biker accidentally runs into a parked car.
Is It Right for You?
Even the most careful of cyclists can be involved in an accident.
Florida is a “no-fault” state meaning PIP or personal injury protection insurance is provided to Miami bike accident victims. These offer extensive benefits, in addition, to medical coverage. This includes work-loss coverage as a result of the accident.
However, it’s important that you follow the legal rules of the road which are the same for any road vehicle. Otherwise, you could be considered liable for an accident.
Is third party insurance required? No. But it does come highly recommended if you find yourself doing a lot of cycling. If you end up being liable for an accident and don’t have third party insurance, then you as the individual would be expected to cover monetary claims.
It can’t hurt to make sure you are protected by insurance. Just be sure to check your policy directly so you know exactly what will be covered and how much. You may think your damages are covered only to find that you have to foot the bill because the bike was not in your home or was not properly locked up.
Were You in a Bike Accident in Miami?
If you need help navigating the ins and outs of your Miami bike accident insurance, then you should seek professional help.
You can still be eligible for compensation for your injuries, even if you’re not sure that your insurance applies. If the driver is at fault for the accident, then their insurance company may be required to pay for damages.
Before speaking with any insurance company, you should contact a professional attorney in Miami who can help you navigate through the legal jargon. If you need help with your accident, contact us today!