May 2, 2016
Throughout the country, many cyclists are taking advantage of bike month programs from car-free bike paths and classes on basic bike mechanics to racing clinics and group riding programs. Regardless of whether you plan to train for a century ride or simply like to cycle around the block with your children, it is important to understand the rules of the road and protect your financial investment with the proper insurance.
Bicycling has increased in popularity both as a sport and as a means of transportation. According to research by the National Sporting Goods Association, 39.8 million Americans age seven and older were estimated to have ridden a bicycle more than once in 2010, while sales of bicycles and related accessories rose from $2.4 billion in 1990 to about $5 billion in 2009.
Bicycles can cost anywhere from several hundred dollars for a nice basic bike to super fast racing and triathlon bikes that can cost thousands of dollars. No matter what kind of bike you ride, protect it and always make sure it is locked up and that you have adequate insurance coverage.
According to the Federal Bureau of Investigation 183,028 bicycles were stolen in 2009, (average value $318). Bicycles are stolen most often in densely populated areas such as cities and suburbs, but university and college towns are another hot spot; in fact bicycle thefts represent over half of property crimes on campuses.
Bicycles are covered under the personal property section of most standard home insurance and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire or other disaster listed in your policy.
If you are purchasing a new bike, keep the receipt and contact us or call us at 925-866-1444, as soon as possible. If you own a particularly expensive bicycle, you may want to consider getting an endorsement. We can review your coverage options with you.
There are two types of coverage for personal property:
Most homeowners and renters insurance policies also provide liability protection for harm you may cause to someone else or their property. If you injure someone in a bicycle accident and he or she decides to sue, you will be covered up to the limits of your policy. Your homeowners or renters insurance may also include no-fault medical coverage in the event you injure someone. This coverage usually ranges from $1,000 to $5,000.
Of course the best protection of all is to keep your bike safe. To help avoid theft, follow these simple rules:
It is clearly even more important to keep yourself and your family safe while you are riding. The National Highway Safety Addministration suggests that cyclists follow these seven rules:
For additional information on bike month activities, contact the League of American Bicyclists.
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