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Do you need bicycle insurance?

Although bikes come in several types, sizes and styles, you can never be sure if yours is going to be the next one stolen. You may have purchased one of the more expensive models with all the bells and whistles. How would you feel if you went to get on your bike tomorrow only to find it stolen? Learn why you might be a good candidate for bicycle insurance.

Thoughts about bike insurance

Some people may be riding a beaten up 10 year old bike that gets them from place to place and not feel the need to carry insurance. Considering their initial investment was probably minimal, it may not be worth paying for insurance. However, what about those of you that have just purchased one of the newer more expensive models? If you paid a great deal for your bike, you might not take to kindly when you learn it has been stolen.

Have you considered the likelihood of having an accident with a vehicle? Granted, many bicycle accidents with cars do not cause much damage to the car because the cars are often going slow. However, they can still cause considerable damage to a bike not to mention bodily harm to you. Could you afford all the bills if you were in an accident?

Do you need bicycle insurance?

How do you know if bicycle insurance would be beneficial to you? Consider how often you ride and if replacing the bike would cause a financial burden. How expensive is your bike? Very expensive bikes may be more likely to be stolen and you should really consider insuring your bike.

Consider where you ride your bike most frequently and how you secure and store your bike. If you live in a neighbourhood with high crime rates it might be a good idea to get coverage.

Reasons to insure your bike

The two most common risks for bicycle riders are that their bike will be stolen or damaged in a vehicular accident. The biggest loss to bicycle riders is theft, while accidents come in at number two. If your bike is worth anything to you, consider insuring. Make sure you understand the provisions of the bicycle insurance and follow insurance instructions.

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