Most of us are aware of the benefits of riding a bicycle but not many are aware of the benefits of bicycle insurance. In fact many bicycle owners would not be even aware of its existence!.
We believe a bicycle insurance can be of great value if you love riding a bicycle, take part in bicycle events and if your bicycle is expensive (because of additional attachments, enhancements and customizations).
Bicycle insurance varies from complete insurance to third party liability insurance which is suitable for all the bicycle riders. However, accidental bicycle insurance is not obligatory for the bicycle riders like third party liability bicycle insurance but complete coverage is required for the wellbeing of the riders. Financial protection is required to safeguard riders from unforeseeable on and off road mishaps.
Bicycle Insurance Benefits
Bicycle is a technological conglomeration of many accessories and auxiliaries which are based upon modern applied engineering. However, these accessories make a comfortable ride for the bicycle rider but any mishap in these accessories can create a lot of discomfort for the riders. Bicycle parts can get damaged due to accidents and/or routine ageing of the parts. Moreover, there can be the cases of stolen or lost bicycles. All these factors are covered under the benefits of bicycle insurance. All the specialist bike insurance companies provide bicycle insurance benefits as:-
- Replacement coverage for bicycles up to 3 years old
- Zero excess on accidental damage claims and theft
- Bicycle hiring coverage
- Accidental and theft coverage up to $7,500
- Coverage for US citizens going to other countries on the insured bikes
- Supplementary extension for bike riders
- Multiple coverage options under a single policy
- Up to 15% discount options for adjoining bikes
Types of Bicycle Insurance
There are several Bicycle insurance companies available in the market. Some companies provide protection to the bike and the bike rider whereas other companies provide third party coverage during an accident. If there is some additional attachments to the bicycles which are the part of the bicycle but are not attached to the bike, then bike riders may need a unique insurance policy. Mostly, bike and third party insurances are provided together in the form of a package. Bicycle insurance can be divided on the basis of requirement as well as cost. On the basis of requirement, Bicycle insurance can be catalogued in following classifications:
Bike Insurance as a Part of Home Insurance Policy
Bicycle insurance can be taken as an addendum with home insurance policy. It can be quite cost effective because bicycle insurance is coming under the section of other insurance.
Personal Bike Insurance
This insurance policy provides coverage against vandalism, accidents and theft.
Third Party Liability Insurance
Third Party Liability insurance provides coverage against any claim made by the third party if bike rider has caused any injury or property damage to the other person.
Competition insurance is a special type of insurance required for covering the bike riders participating in the events like triathlons and racing.
Sometimes, bicycles can get stuck-up and riders are forced to get stranded on the roadside if they are not able to mend it up. Insurance companies make sure that bike riders get a free cycle while their bicycle gets repaired at the workshop.
On the basis of cost and relevant coverage, bicycle insurance can be segmented into three types. These segmentations are:-
Third Party Bike Insurance (least expensive)
This coverage is cheapest of all the three covers and it provides coverage against the third party injuries and property damages by the insurance holder’s bicycle.
Third Party Theft plus Fire Bike Insurance (medium expensive)
Along with the coverage provided in less expensive insurance, this insurance provides coverage for the bike too. This coverage is against the bike loss or theft.
Comprehensive Bike Insurance (most expensive)
In this coverage along with the aforementioned covers, bike rider also gets covered. In spite of its expensiveness, this is most preferable bike insurance due to fully covered aspects.
Factors Affecting the Bicycle Insurance Cost
There are three major factors of consideration affecting the costs related to the bicycle insurance. These factors are utilization frequency, rider’s age and area of insurance.
Utilization Frequency : Bicycle insurance would be costly if riders use their bikes on daily basis. This is based upon the fact that daily usage of the insured item leads to the exposure to unforeseen dangers.
Rider’s Age : Younger the rider; higher would be the cost of bicycle insurance because young riders are expected to use their bikes more frequently than the older riders. Moreover, young riders are more prone to rash and dangerous bike riding.
Area of Insurance : Area of insurance is another major factor of consideration where riders purchase their insurance policies. There are variations in the costs depending upon the risks at the place where the riders stay. Bicycle insurance premiums can be higher in the high risk zones.
Major Bicycle Insurance Providers
Bicycle insurance is one of the major aspects of consideration in this world and various major companies are providing bike insurance. These companies are:-
USA Cycling represents as official governing body for any type of competitive bike racing in United States. USA Cycling insurance programs can be broadly classified in various categories like:-
- Rider and event insurance coverage
- Ancillary event liability
- Event cancellation insurance
- Weather insurance
- Other policy summary disclosures
- Other event related insurances
- Personal rider insurance
- Organization and club insurance
- Optional membership insurance
Based in Texas, CLIPP provides insurance against bicycle accidents covering the bike damages. Moreover, if the bike rider gets injured; then insurance company provides health coverage for the bike rider. There are other covers for bike theft and accidental death coverage for riders killed during bicycle riding. Their basic membership package include following benefits:-
- Accidental medical insurance of $1,000 per incident
- Property damage insurance of $1,000 per incident
- Theft insurance up to $1,000
- Accidental death coverage up to $25,000
- Yearly safety training carried out by Lab specialist instructors
Better World Club
Better World Club represents America’s only environment friendly club with round the clock roadside recovery assistance. Their roadside assistance benefits include countrywide urgent roadside recovery assistance. Bike riders need to enter their league of American bicyclists with an entry fee of $30. Thereafter, they would be entitled to have following benefits:-
- American Bicyclists magazine subscription
- Discount offers on cycling products, gears, travels and tours
Better World Club entitles its members to make two service calls which are covered for every member in a single year.