You may not be sure when it happened, but it did. Biking went from being exercise to an obsession. Your bicycle (or bicycles) has continually gotten lighter with more aerodynamic equipment and costly parts. If you feel that cycling is not simply a way to burn a few calories or get from point A to point B, you are most likely a cycling enthusiast who should consider insuring your passion.
Whether you are a racer, tri-athlete, mountain biker, charity rider or simply love to bike, you may find yourself out of a lot of money if you do not specifically insure your bike. This is especially true if you travel with a custom or handmade bike like one from Seven Cycles or Firefly Bicycles or a higher-end bike like Specialized or Cannondale. Traveling with a bike beyond the ride itself increases the risk of damage by being on a bike rack or packed to be shipped via air. What if you unintentionally go into a low parking garage with your bike on top of your car? What if the airline loses your luggage which includes your bike? Will your homeowners insurance cover such a loss?
Why You Should Consider Bicycle Insurance
You have invested your time and money into something you are passionate about, riding. To ensure you protect this investment, make sure you have your bike insured properly. If you do not have your bicycle specifically scheduled or listed on your homeowners insurance policy, you will have limited coverage on the bike itself for only specific incidents, like fire and theft. A homeowners policy would not most likely cover a bike that falls off a bike rack, is damaged in a crash, or is lost by an airline.
If you are fortunate enough to have a homeowner insurance company willing to specifically list and insure your bike, you would have better coverage for the bike itself, but it would not include some important coverages available to someone with a separate bike policy. For more specifics between the benefits of a bicycle policy, visit the HPM Insurance website.
Benefits of Specialty Insurance for Bicycles
Bicycle coverage (Physical Damage): This coverage would pay for the cost to repair or replace the cycle (including its accessories and customization) up to the policy limit due to sudden and accidental direct physical loss or damage to the bike. Because coverage is capped to the policy limit, it is important that you include the complete cost of the bike and update it as customized. This coverage applies if bike is involved in a collision or fire, is vandalized, stolen or hits another object. There is also coverage while the bike is in transit in the air or on land while in the US or in Canada. This is great coverage because airlines provide very little reimbursement for lost property and most homeowner insurance companies do not consider lost luggage a covered event (unless it was stolen).
Bicycle liability: This protection can be the primary coverage for the injuries or property damage caused by the insured bicycle for which you are held legally liable.
Medical payments: This coverage covers the medical expenses of the insured cyclist if injured while on the insured bicycle regardless of fault.
Vehicle contact protection: This covers the rider if, while on an insured bicycle, the insured is struck by an uninsured or under-insured motorist. As New Hampshire does not require proof of car insurance to register a vehicle in the state, this could be a very important coverage.
Like your customized bike, you can also customize your bike insurance by including:
- competitive event fee reimbursement
- rental reimbursement
- roadside assistance
- spare parts
Where to Buy a Bicycle Policy
You will not find a bike policy in every insurance agency as it is a specialized product. If you live in New Hampshire, Massachusetts, Vermont or Maine, contact HPM Insurance and we would be happy to get you a quote on a customized bike policy. If you live outside these states, a good place to start is by going to an independent, Trusted Choice agency in your area. You can find one by visiting www.TrustedChoice.com.