Cyclists are not required by law to have insurance. That is because, in the event of a crash, bikes–unlike vehicles–do not have the potential to cause much damage.
But simply because it is not mandatory doesn’t mean that you shouldn’t consider it. About 870,000 people report biking to work every year in the United States. As that number increases, more people are purchasing bike insurance.
There are many options for coverage. Like any policy, it is important to select the right bike insurance plan for your specific needs. The information below will help you determine which ones may fit your cycling needs.
Bike Insurance Benefits
Cycling continues to increase in Florida, from Boca Raton to Key Biscayne. If you are someone who commutes to work (or other places) by bike, then you probably have a reliable one. And, if it is reliable, then you most likely paid a decent amount of money for it.
One of the main reasons people get bike insurance is the threat of theft. Unfortunately, approximately 250,000 bikes are reported stolen in the United States every year. Even expensive, heavy-duty locks cannot guarantee protection.
There are two main types of bike insurance: homeowners or renters insurance; and specialty bike coverage. Here is what each type of policy covers.
Homeowners’ or renters’ insurance policies cover personal items, including your bike. It is by far the most popular method for insuring one since it covers theft, at home and elsewhere (as long as it was locked up).
If you do not already have one of these policies, remember that it covers all your belongings. This includes everything from jewelry to computers and entertainment equipment. It is the simplest way to get coverage for your bike and all your other possessions in one fell swoop.
Note that homeowners’ or renters’ insurance will not cover physical damage to your bike if you wreck it or damage it in transport. That is, unless you specifically add this coverage, which is called “scheduling” your bike.
Some policies will not allow scheduling. So, if it is a priority to you, be sure to ask about it at the outset.
You can also purchase individual policies for protecting your bike. Specialty bike insurance covers theft, vandalism, and accidental damage.
One of the advantages of such policies is that they offer coverage beyond simple property theft. And, like with other insurance policies, you can select different options for your plan.
Another reason you might go this route is if your homeowners’ insurance deductible is higher than the value of your bike. Specialty policies will only cover your bike but could have a much lower deductible.
Also, if you are a serious racer, you might look into specialty bike insurance. Besides damage to your bike, some of these plans may pay for medical bills resulting from a cycling injury.
Get Coverage Today
Bike insurance can be a valuable safeguard against theft or if you are in an accident. It can give you the peace-of-mind that you will be compensated if something happens to your bike.
The best bike insurance will depend on the type of riding that you do. But there is a policy out there to meet your cycling coverage needs. Spend some time exploring different options for bike insurance online.
At the Law Offices of Jeffrey Vivo, we specialize in bike injuries litigation. We understand the nuances of protections for cyclists under the law so that we maximize your recovery claims. If you live in the Miami area and have been injured in a bike accident, reach out to us for a free consultation today.