Cyclists are the most vulnerable road users apart from pedestrians. Moreover, pedestrians use the sidewalks, but cyclists ride side by side with large cars on the road.
As a bike owner, you need to make sure you are as protected as possible and safety equipment can only go so far.
Therefore, all cyclists should consider insuring themselves and their bikes. Every cyclist is different, so cyclists will probably take out different types of insurance. However, the following are the types of insurance that all cyclists should consider:
Unlike a car or a motorcycle, a bicycle is very easy to steal, so all cyclists should consider theft protection coverage. Bikes are also difficult to track after they are stolen, which is another reason to get theft protection. You can try various anti-theft devices and techniques, but they make little difference to the chances of your bike being stolen.
Theft protection coverage ensures that the insurance underwriter will reimburse you for the cost of the bike or replace the bike if it is stolen. You should consider the best policy if you have several bikes, as you can choose between group or individual theft protection policies.
Motorcycle accidents often result in the most serious injuries due to their speed and lack of protection. Bike accidents can also be horrific, especially when a car is involved in a crash.
Therefore, all cyclists should consider obtaining medical coverage or health insurance. Your health is more important than the bike, so medical coverage is the most important type of insurance that cyclists can get.
The policy will pay your medical bills up to your policy limit. You should know that the insurance company must establish that you suffered injuries while riding a bicycle in order to receive compensation.
Although a bicycle is unlikely to cause much damage, all cyclists should consider obtaining liability protection insurance. The policy will protect you against losses resulting from property damage, illness, injury or death while riding your bike.
If you hit someone else while riding your bike and they suffer injuries serious enough to require medical attention, liability protection will pay for their medical bills. There are often coverage limits per accident for liability protection coverage, so be sure to ask your insurance company agent about this.
Otherwise, you will pay a significant amount for damages out of pocket.
Accidental death and dismemberment insurance is a form of life insurance that covers a policyholder and their beneficiaries in the event that they are accidentally killed or injured. Bicycles have little to offer in terms of protection, so if a road accident occurs, the chances of death or dismemberment are high.
Life insurance coverage is broader than AD&D insurance as the latter only covers death and dismemberment, so you may want to consider getting life insurance. However, life insurance does not cover the dismemberment that can cause financial strain on your family if you lose one or more limbs.
The insurance policy will pay your beneficiary based on the extent and severity of the damage or dismemberment.
Accidental Damage Coverage
If your bike is damaged in an accident, accidental damage coverage will pay to replace the bike if it’s damaged beyond repair. The insurance policy will cover the repair costs if you can repair the bike.
The policy will also pay for damage to your bike resulting from vandalism if you can prove it. Repairs for cosmetic damage to the bike are often excluded from accidental damage coverage.
Cyclists are at extreme risk when riding alongside motorists and motorcyclists on the road. Anything can happen, and it would be wise to get coverage for any damage or loss.
The types of insurance that every cyclist should consider include accidental death and payment, accidental damage, theft protection, medical coverage and liability protection.