Is My Bicycle Covered By Insurance?
Determining whether your bicycle is covered by your insurance depends on the type of policy you have and the coverage it offers.
Homeowner’s or renter’s insurance, auto insurance, specialized bicycle insurance, and other specific insurance options are worth exploring to safeguard your bicycle against theft, damage, and accidents. However, it’s crucial to carefully review the terms and conditions of your policy, understand the coverage limits, and fulfill any requirements to ensure you have the necessary protection for your valued mode of transportation.
Some insurance carriers have come out with specialized insurance policies just for electric bikes. Because Ebikes are typically more expensive than traditional bicycles, they warrant additional insurance protection.
The best way to avoid a loss of course is to avoid it being stolen altogether. Some safety tips for keeping your bike safe include:
- Invest in a quality lock.
- Secure both wheels and your frame.
- Keep your bike in a highly visible area avoiding isolated or remote locations.
- Don’t keep your bike out overnight.
- Get an insurance policy
- Register your bike with the National Bike Registry.
According to the National Bike Registry, 1.5 million bicycles are stolen each year. With college campuses being the biggest source of bicycle theft, it would be great if there was a way to protect your investment that was quick and easy. The good news is that more than 48% of bicycles that are stolen are recovered, but of those, only 5% are able to be identified and returned to their owners.
The National Bike Registry and 529 Garage have partnered to create a database to track and store bicycle VIN numbers. Not only can you register your bike, but you can search their database for recovered bicycles in an effort to get yours back.
Bicycle theft is a rampant problem in the US and unless you want to submit a homeowner claim (please talk to your licensed insurance agent prior) you likely won’t see you bicycle again or be able to recover your losses. Bicycles are likely covered under your home, renters or condo insurance policy with your insurance carrier.
Register your bicycle today and rest assured that your bicycle is better protected and more likely to be returned in the event of being stolen.
Contact an agent in our office to discuss insurance options for you bike. Typically all bicycles can be insured but with all insurance options, it is a cost benefit calculation.
A Accelerated Auto Insurance was founded in 1992 by a group of independent insurance agents. Their vision was to provide affordable auto insurance rates to all customers regardless of driving record or credit history. This vision allowed them to quickly build a large, loyal customer base. In 2006 Jared Fuller began his career with Accelerated Insurance as a customer service representative. Over the next 10 years Accelerated expanded its reach to offer home and business insurance in addition to auto. In 2015 Jared’s wife, Cristy Fuller, also started working for the company. During the year 2016, they became the sole owners of Accelerated Insurance. Advances in technology allow Jared, Cristy, and a small staff to continue to grow while still providing excellent service to their existing policy holders. They continue to maintain the same vision of savings and service for Northeast Louisiana.
