What are the Insurance Options for Bikers?
By USInsurance.com Staff
There are many types of accidents that can occur on the road. Auto accidents, are perhaps the most familiar, but motorcycle, moped, and even biking accidents are becoming all too common. Those who bike – especially professional bikers – should consider insurance, however, there is not a specific biker's insurance plan. In these instances, bikers will need to purchase a third-party liability insurance plan or a rider on their renters or homeowners insurance plans. And this insurance is not only has protection in case of an accident, but to cover costs associated with any damages or theft to your bicycle.
Protection against damage. To cover your bicycle from theft, fire, damages or loss due to accidents you should list them as items of value on your homeowners or renters insurance. If a bike is stolen or damaged at your home, you will be protected. However, some policies and terms of coverage may have some limitations such as if your bike is housed in a vacation home or if it was damaged at someone else’s home.
Protection against theft. If your bicycle gets stolen, many insurance polices will offer you the actual cash value (ACV) of the bike, which will return payment in the form of what the bicycle is actually worth. So, a 15-year-old bicycle, for example, would be valued at the cost of a new bicycle minus 15 years' depreciation. Insurance policies generally only offer a deductible to cover some costs for the loss of your bike, so some costs would still be up to you – depending on the cost of your bike.
Insurance on the road. Since bicyclists share the road with cars, obtaining an insurance plan is more than a wise choice. While there isn’t a specific bicycle insurance plan, various forms of insurance such as under a renters or homeowners insurance plan can cover you on the road. If your bike is damaged by another car that individual's auto insurance should cover what they owe you for the loss. If you happen to get struck by a car, personal injury protection coverage of your auto insurance may provide coverage to you if you are struck by a car while bicycling or walking. This coverage varies from state-to-state so be sure to check with your insurance agent to see what is covered while bicycling. In some states, you may even be covered for lost wages while recovering from a covered accident, if you chose that coverage when you bought your auto insurance. If anything unforeseen should occur, a life insurance policy is also advisable to cover your death as well as to pass long your finances to surviving family members.
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