Facts About Bicycle Insurance

Once you own a bike, you should think about buying bike insurance. A good bike insurance policy will compensate for parts of the bike that can be repaired, such as wheels and frame, as well as replacing the cost of the bike if you have a crash and the bike is totaled. The insurance company will help the cyclist find a good bike shop to have repairs performed. Additionally, some policies add protection on the bike for theft. Many policies will incorporate roadside help and bike rentals much like an auto insurance policy. Some insurance companies will cover damages to a cyclist's riding apparel should they be damaged in an accident. Another great feature is that the policy can cover medical expenses for physical damages.

Many Plan Options

Different insurance companies offer many plans for bicycle insurance. A cyclist can choose the policy that best fits their specific needs. One of the options is having different limits on the deductible such as $100, $300 or $500. If a cyclist chooses a policy that offers protection for physical damages to their Merida bike, it will cover the bike for fire, vandalism and collisions.

Parts Protection

Most bike insurance policies cover any lost or damaged bike parts. There is normally a limit on protection. For example, for each individual incident involving a loss or damage, it might cover up to $500. They might have a maximum limit of $2,000. The specific type of damage must be included within the conditions of the policy.

Bike Rental Coverage/Competition Fees

If you are riding a bike during a competition and have a wreck and damage the bike, the insurance policy provides bike rental reimbursement. This way, a racer can still get in their training hours for upcoming competitions. The bike insurance will also provide reimbursement for a competition fee when the biker is not able to participate in an event. Again, most policies will have their own limitations and maximums. Remember, to qualify for reimbursement for a competition fee, the damage to the bike must occur within the conditions of the insurance policy.

Liability Coverage

Remember that liability insurance is not going to cover any injuries the biker sustains due to an accident, but it will take care of the injuries for anyone else hurt from the bike. The policy usually protects the biker from potential property damages. For example, if an insured biker runs into another biker or into a homeowner's mailbox, the policy will offer financial protection.

Accidents with Motorists

When a biker shares the road with other vehicles, they have the potential of being involved in a car accident. If the car driver did not have insurance, the biker's policy would provide the coverage. There are usually limitations such as $25,000 or $50,000 per accident depending on the biker's policy.

Bike insurance is good to have so that the biker is always protected against damages and theft.