How to Decide If Bicycle Insurance Is Right For Your Budget
With the rising prices of gas and the progress of green and sustainable living has come the rise in popularity of the bike as a legitimate (and sometimes preferred) form of urban transportation. However, as many bike riders know by now, riding a bike–especially in large cities and urban centers–can be a dangerous adventure. As more and more people take to the streets on two- wheels of pedal-powered awesomeness, reports of bike-related injuries and accidents have risen.
Obvious logic leads to the conclusion that a couple tons of reinforced steel traveling at 20 to 30 miles per hour will win most battles against a couple hundred pounds on two wheels traveling at half the speed. In many urban areas around the country, from New York City to Seattle, the battle of the road has taken on a more serious tone, as city governments try to find a delicate balance between car road necessity and bike lane security. As this issue becomes more prevalent in the national conversation, the issue of bicycle insurance is also coming to the forefront of the minds of bicyclists everywhere.
Most people have no clue such a thing exists, but bicycle insurance has been around for quite a while. By some accounts, it has been around nearly as long as auto insurance, which was first used in the late 19th century. Even though bicycle insurance has been around just as long as car insurance, it has mostly been forgotten and deemed useless. However, as bicycles regain popularity due to how budget-friendly they are, the idea of bicycle insurance may not seem so quaint, and may indeed be proven to be quite useful for daily riders.
Readers who are bike owners should think of a time when a bike (or a friend’s bike) was stolen. Wouldn’t it be nice to not have that be a complete loss financially? Bike insurance not only covers theft, but also accident liability (avoiding arbitration lawyers is a nice side benefit, no?), property damage, medical expenses resulting from crashes and other accidents and in some cases even death. Currently, bike insurance is difficult to find in some states, but odds are if you live in or near a major urban area with a substantial amount of bike riders there will be at least one bike insurance provider.
Most theft policies for bike insurance will only cover the actual cash value of the bike, which means how much the bike is worth after considering its age. So, despite the love a rider has for their bike, sentimental value is sadly not included in bike insurance policies. But, on the plus side, many bike insurance providers do offer replacement insurance, which means if a bike is stolen the insurance may pay full value for the cost of a new bike. So, say the stolen bike was 10 years old and had an actual cash value of a few hundred dollars, but a new bike of the same model is worth a thousand. The insurance would pay a $1,000 for a replacement, well, only if it was included in your policy.
Unfortunately, bicycle insurance is much more difficult to find when compared to auto insurance if only due to a lack of demand and scarcity. There are some options for bike riders who cannot find an insurer, such as personal property insurance; personal liability insurance; general medical insurance and personal injury protection insurance. All of these types of insurances are fairly simple to receive and are also affordable for most people.
