Cyclists can obtain coverage and save money at the same time.
Though many cyclists don’t think that bicycle insurance is necessary, there is more to its coverage than many people realize, and it can save anything from hundreds to thousands of dollars from having to be paid out of pocket.
Though theft is a common claim, there are many other financial losses that are also covered.
Bicycle insurance isn’t just designed to help when the bike goes missing. Other forms of coverage that are often involved in a person’s policy can include liability for damage that was done while cycling and that is hundreds of times greater than the cost of the bike. For example, injuring a person or damage to an expensive car or piece of property could be very costly without coverage.
Bicycle insurance would protect a cyclist against damaging a rear view mirror on a luxury vehicle.
Even if the bike isn’t worth much, if you clip a mirror on the way by a Mercedes the cost of this accident could be quite high. Similarly, if you caused serious injury to a pedestrian or even another cyclist, you risk having to pay for medical damages that could run into thousands upon thousands of dollars.
If you want to make sure that you have all the bicycle insurance coverage you need, but for the best price, the trick is to make sure that you shop around. Always obtain quotes from several companies that offer the coverage, as premiums will vary widely from one to the next. They will be based on your age, the value of your bike, and your address, as well as several other factors used to calculate risk by the individual insurers.
Bicycle insurance is generally very affordable, but it is best if you make an effort to minimize claims.
The better your efforts to prevent claims, the cheaper your bicycle insurance will be because you’ll receive discounts for these efforts, you may receive a discount for not having made any claims, and you won’t have to pay a deductible if you don’t have to make a claim in the first place. Some of the best efforts that you can make in that sense are to be very careful and aware while cycling, wear a helmet, always lock your bike, and use a good sturdy D or U-lock (not the chain type that are easy for thieves to clip).