You love riding your bike. But do you know which of your insurance policies covers your bicycle, and any accidents you may be involved in? Are you adequately insured should your bicycle be damaged or stolen? Give us a call. We can make sure you and your bicycle have the right amount of insurance coverage.
Generally, bicycles are covered under the personal property section of standard homeowners and renters insurance policies. Policies vary, but in most cases, if your bicycle is stolen, damaged or destroyed while you’re out and about, your coverage will reimburse you, minus your deductible. How much you receive for your bicycle varies, based on whether your policy covers actual cash value or its replacement cost. With an actual cash value policy, you would be reimbursed based on the current value of your bicycle, minus your deductible. Replacement cost covers the actual cost of replacing it, minus your deductible.
While riding a bicycle, liability coverage is important. Both homeowners and renters insurance policies provide liability protection in the event you hurt someone or damage their property while riding your bicycle, up to the liability limits of your policy.
Have you recently purchased a new bicycle? Take a photo or video of your new set of wheels and keep your original receipt. Let us know if you have purchased an expensive bicycle; we can help you decide whether you would benefit from an endorsement to your homeowners or renters insurance policy. Above all, ride safe. Here are some great tips for staying safe on two wheels!