The Facts About Insuring Your Bicycle
Everybody knows about insuring their vehicle, but getting a policy for your bicycle can be just as important. As common subjects of theft and sources of continual repairs, bikes are a wise belonging to have insured. Unlike cars, bikes are included as personal property and therefore covered by your homeowners or renters policies. However, there are a few things to keep in mind when insuring your bike.
Save your receipt
When you buy your bike, keep the receipt so you can add it to your policy by contacting your representative. Moreover, accessories like helmet, lock and lights can be included on the policy as well. If the bike is not the only recently purchased possession you want covered, you may want to consider having a home inventory, which officially takes stock of your belongings in the case of robbery or damage.
Types of coverage
There are two main types of coverage for bicycles: Cash value and replacement cost. Cash value reimburses you for what your bike is worth - the cost of the model minus the age in terms of depreciation. Replacement coverage pays you back for what it would cost to get another bicycle of similar kind and quality. This is more expensive than cash value, but could come in handy if you are particularly fond of your specific bike.
Like most things, insurance for bikes features a deductible. The amount varies by policy, but you will almost always have to pay for part of your replacement or repair. It is a good idea to check your deductible to ensure that it is not more than your bike is worth.
While having bike insurance is prudent, it is always best if you never have to use it. Take pains to lock your bike and properly maintain it to avoid going through the trouble of replacing or fixing your bike.