Over 1.5 million bikes are stolen each year in the US and bike thieves are busy in Canada as well. While theft isn‘t the only concern with owning a bike, it‘s one of the larger considerations, especially if you own a high-end bicycle.
Your home or renters insurance policy can provide coverage for many bike-related losses. For example, your policy can cover theft or even damage to your bike if it’s damaged in a car accident while you‘re transporting your bike to your favorite bike trails.
However, to protect your high-end bike, there‘s an extra step you‘ll want to take. Consider adding your bike to your policy as a scheduled item. Alternatively, in some cases, you can insure your bike on a separate policy called a personal articles policy. In either case, you‘re separating your bike or other high-value items from the common lower-value items we all own.
With scheduled coverage, you can insure your bike for its full value and often won‘t have to pay a deductible if you have a covered claim. Check with your broker, though, because some policies don‘t allow bikes to be added as scheduled items.
It‘s easy to think of ways others can damage our bikes, but bikes can also be damaged due to our own actions — or just a bit of bad luck — in crashes. Fortunately, scheduled coverage can even cover damage due to biking mishaps like crashes or accidental drops while unloading.
If a driver damages your bike, the other party‘s auto liability insurance can cover the cost of damage. Coverage for medical expenses vary based on where you live. States and provinces may have different rules than neighboring areas.
However, if you injure someone else or damage the property of others, the liability insurance included with your home or renters insurance policy can lend a hand. Some policies also come with a separate coverage called “medical payments to others” that offers a no-hassle way to pay smaller medical expenses.
Whether insuring your high-end bike or other types of valuables, the first step to being sure you‘re covered properly is to have a candid conversation with your broker. If you haven‘t reviewed your coverage lately, just reach out to schedule a policy review.