Many renters and homeowners policies cover bicycles in their personal property sections. These insurance policies entitle you to reimbursement (after your deductible) if your bicycle is damage in a disaster like a windstorm, fire, etc. With this coverage, you’re also protected against bicycle theft.
If you’re shopping for a new bicycle, remember to keep your receipt; call your independent insurance agent right away to give them this essential information. If your bicycle is especially expensive, consider adding an endorsement to your policy that provides additional coverage. Ask your insurance agent to explain your various coverage options.
You can get two different kinds of personal property insurance:
- Cash Value – This type if insurance pays out your bicycle’s worth at the time it was damaged or stolen. The amount your will receive depends on its age. For example, a ten-year-old bike would be worth the cost of buying a comparable bike, minus ten years of depreciation.
- Replacement Cost – This kind of policy pays out the total cost of replacing your bike with a similar model at current prices. This type of replacement cost policy typically costs 10% more than a cash value policy; however, it’s a good, solid investment.
Your renters or homeowners insurance policy may offer liability coverage for any harm you cause to another person or their property. If you hurt someone in a bike accident and they choose to sue you, this insurance will cover your liabilities, up to your chosen policy limits. Your renters or homeowners policy may include no-fault medical insurance to cover others’ injuries, which usually costs one to five thousand dollars.
To make it faster and easier to file a claim, take these steps today:
- Keep your receipts When buying a bicycle, people often purchase expensive accessories and equipment. Be sure to keep receipts for all of your cycling extras. The costs of helmets, lights, panniers, electronics, inner tubes, pumps, patch kits, etc. add up to a substantial investment. Cycling clothing can also be quite expensive. If someone steals your bike and accessories (or they are seriously damaged), you’ll be glad you saved all of your receipts, which can speed up claims and increase your compensation.
- Include your bike and accessories when listing your possessions You should maintain a complete inventory of your personal possessions. This list will help you and your agent determine the right amount of property insurance you require. It can also make it quicker and easier to file an insurance claim.
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