How Having Bicycle Insurance and Registration Can Protect You Against the
With summer weather
upon us, many are taking the time to dust off their old bicycle or buy a new bike to enjoy the great outdoors. Although
it is not a legal requirement, both registering and insuring your bicycle can
be extremely useful in the event that your bike is stolen or
damaged. Continue reading to learn more about how taking these two steps can
better protect you and your bicycle!
Should I Register My Bicycle?
According to a study conducted by the popular
bike registry and information center, 529 Garage,
“over the last 20 years bike theft
in North America has grown to epidemic proportions-affecting about 2 million
riders each year.” In the event that
your bike becomes lost or stolen, a call to your local police
station may not result in many leads on its own. Without any identifying
characteristics or a serial number to go by, the police won’t have a way of
recognizing the bike, let alone be able to prove that it’s yours. This is where
having your bike registered comes in handy. By registering your bicycle, you can
provide a specific way of identifying your bike should it go missing. Contact
your local police department for information on how to register your bike in
Should I Get Bicycle Insurance?
529 Garage states that “beyond the
half-billion dollar cycling black market, many stolen bikes are then involved
in secondary crimes,
often serving as a getaway vehicle.” In an incident like this, you may never
recover the exact bike that you lost. However, with bicycle insurance, you can recover
full or partial cost of the bike, depending on the coverage limits you choose.
It’s important to know that bike insurance covers more than just theft. Say
you’re riding along, and something causes you to run off the path and into a
tree. Some bicycle insurance policies can help you cover the cost of your
medical payments and the cost of repairing or replacing your damaged bicycle.
You might be thinking that these events would be covered under your regular
home or renters insurance, and it’s true that some of it might be. However, it
is not typical that a home
or renters insurance company would offer comprehensive bicycle coverage.
Does Bicycle Insurance Cover That Home Insurance Doesn’t?
Bicycle insurance is an easy way to ensure
that you have comprehensive coverage while riding. Unless you have specifically
coverage for your bike onto your home or renters policy, there’s a good chance
it’s not insured to value. This is especially true if you have a professional
quality bike. It’s important to know that bicycle insurance has a ton of
benefits that go well beyond loss or damage coverage, too. Not only can bicycle
insurance ensure replacement cost in the event of loss or damage, but it can also
offer vehicle contact protection, personal liability, replacement bike rental
coverage, cycling apparel coverage, medical payment coverage, worldwide
physical damage, roadside assistance, and even event fee and racing coverage!
If you’re someone who is passionate about
cycling, has a professional quality bike, or believes that cycling is a
lifestyle, bike insurance isn’t something you can afford to go without. For
more information on a bicycle insurance policy with our trusted partner Markel, check out the link below to
speak with one of agents!