What You Need to Know Before You Insure Your Bike

Introduction

Bikes are so much fun to ride that it’s easy to forget about the fact that riding them can be dangerous—and sometimes expensive! In many states, laws require you to carry insurance before you’re allowed to ride on the road. Even if your state doesn’t require you to have insurance, having it can help you get back on your feet after an accident.

Before you buy insurance, though, here are some things you need to know about bike insurance so that you can get the most out of your policy and avoid any surprises down the road

The Different Types of Bicycle Insurance

Bicycle insurance can be an attractive safety net for those who bike to work or as a form of exercise. The kind of coverage that's right for you depends on how often you ride, where you bike, and your financial ability to manage the potential outlay should disaster strike. Ask yourself these questions before making your decision:

* Who would need to use the money? If there is no one that needs the funds outside of your own household, then there may not be a reason for you to get insurance at all.

How much are you willing to pay in premiums each year? Policies will vary based on this, and the longer your coverage lasts the less each month it will cost. What type of policy are you looking for? There are two main types of policies: lump sum (payments if the bike is stolen) and reimbursement (payments if you incur any damages).

In addition, some plans have different levels of coverage depending on your geographic location. Keep in mind that even with reimbursement, it won't cover wear-and-tear from regular riding unless specified otherwise; thus, you'll have to weigh the likelihood of theft versus damage from normal use.

Other considerations when purchasing a policy include whether you want to insure other property like your home, automobile, and personal belongings against loss due to theft.

How to Choose the Right Policy

Not all insurance policies are the same. The policy's cost, for example, may depend on the coverage and deductible you want. Below are some of the other features to consider when shopping for a bike policy:

The kind of riding you plan on doing - A racer will have different needs than someone who rides to work every day. How often you ride your bike - Will it be stored outside or kept in a garage? What kind of road conditions do you face? Whether or not your bike has GPS technology -

Is that something important for your needs? What if my bike is stolen - Does my homeowner's policy cover theft from other vehicles as well as buildings? Who will pay to replace the parts if they get damaged or destroyed? If I buy another bike, how can I transfer my old policy to this one?

Insurance companies like Allstate also offer discounts for people who choose safety features like flashing lights and bells. Some even offer an anti-theft device discount for homeowners with an alarm system installed. No matter what company you go with, make sure to take the time to read through their policy thoroughly before deciding which coverage level is best for you.

Things To Consider

-Is the bike new or used? If it's new, you may want to consider purchasing a warranty. If the bike is used, compare prices and coverage levels.

-What kinds of risks does your bike face? Bikes that are in bad areas for theft may need more coverage than bikes that are left in secure locations. -Do you have sufficient savings for unexpected repair costs? Be sure that you have at least an estimate of what it would cost to fix your bike when necessary before you insure it.

-Do you have enough space for storage? This is more important if your bike is expensive and/or not a good fit for public transportation. If you do, make sure that it's locked up securely. You can always purchase a lock from your local hardware store as well.

what kind of coverage will work best for you

The next thing to think about is insurance. There are different options out there so be sure to do some research on what kind of coverage will work best for you. The best way to know if you have adequate coverage for your needs is by reviewing quotes from different providers.

Some providers will provide coverages ranging from collision, theft, vandalism and others while others may only offer one form of protection against the risk associated with biking such as collision insurance. It might also be worth looking into rider education programs because they could help lower premiums on other forms of insurance such as car insurance too!