Bicycle Insurance
Cut Your Losses

I have to admit that I do not have special bicycle insurance, but my (quite inexpensive) bikes are covered by my home insurance.

Why Do I Need Insurance for My Bicycle?

Sometimes I have to leave my bikes where there is no safe place to park. Even my home is not 100% safe. So here I am, not sure what to do if my bicycle ever gets stolen. How I get back home is a minor issue. I've spent a lot of time, money and effort in buying great bikes and keeping them like new.

The answer is bicycle insurance. The same concept would apply if we were talking about house or car insurance. There is a premium to be paid yearly, and each policy has slightly different provisions.

What Type of Bicycle Insurance Do I Need?

Premiums vary depending on the range of situations they cover. There may be some situations where the cycling insurance would not be in effect. These factors will vary among companies that offer insurance for bicycles.

There are companies that pay for your taxi ride home in case of a stolen or useless bicycle. There are those that pay your taxi fare only if your house is 5 miles or more away., and there are those that do not pay your fare at all. There are also companies that cover all the upgrades you have made to your bicycle.

The Coverage

Basically, most bicycle insurance policies cover third-party or public liability. This encompasses the cost of causing accidents or damage to public property and other road users, accidental damage to your own bicycle by either man-made or natural causes like fire, a stolen or damaged bike and taxi fare to get you home in case you accidentally damage your bicycle halfway to your destination.

There are cases when your benefits will not be paid in full if your bicycle is more than three years old or if you did not take precautionary measures to protect your bicycle - or maybe even if you did not use the pre-approved, bicycle lock.

Most bicycle insurance providers are found together with mainstream insurers that cover other aspects of a person's life (such as in my case). But there are some providers who offer cycling insurance that covers only your bicycle.

There are also insurers who give out special insurance policies that provide protection for children under the age of fifteen, professional cyclists and competitive cyclists, and those taking their bicycles outside their home country.

Summary

During these difficult times when you try to save every penny from your salary to secure a better future for your family, and when you do your to preserve Mother Nature, you should also feel a sense of security that when you are relaxing near a stream, you have the means to get back home unscathed and safe.

Getting insurance coverage for your investment will surely take that weight off your sholders, because you know that you will always be covered.