As any cyclist knows, the average cost of bikes can be several hundred or thousands of dollars. Standard homeowner’s insurance policies may cover your bicycle, but these have high deductibles and may leave you having to pay nearly all of the out-of-pocket cost of repairing or replacing your trusty bike. In addition, any claims you make for your bike may affect your home’s insurability and future premiums. The logical question is: “Can I get separate insurance for my bicycle?” The answer is yes.

In many ways, bicycle policies cover the types of risks addressed in auto policies. But did you know that you can even get reimbursed for the purchase of bicycle apparel? Here is a partial list of special coverages for bicycle policies:

Bicycle Physical Damage: This is primary coverage for the cost to repair or replace the cycle (including fixed accessories and components) up to the policy limit, due to sudden, accidental direct physical loss or damage to the cycle. This coverage would apply if your insured bicycle were to be involved in a collision, fire, theft, vandalism, or in the hitting of another object.

Liability Coverage: A bicycle insurance policy carries primary coverage for the injuries or property damage (caused by the insured bicycle) for which the insured is held legally responsible. Coverage is offered at combined single limits of $25,000, $50,000, or $100,000.

Medical Payments: Covers medical expenses of the insured cyclist if they are injured while on the insured bicycle, regardless of fault. The following per person limits are available: $1,000, $2,500, $5,000, $7,500, $10,000.

Rental Reimbursement: Just like auto insurance, you can obtain a rider that covers the cost of bicycle rentals while yours is being repaired.

Roadside Assistance: For only $10 per year per bicycle, 24-hour emergency service is provided (up to 35 miles per tow, 5 tows per year).

The following are some additional coverages that you may not be aware of. These may be included in your policy or can be purchased separately.

Transit Protection:Coverage may also include protection while the bicycle is in transit (land or air) to and from any location in the United States or Canada.

Competition Coverage: You can also obtain coverage for damage incurred in triathlons or bicycle racing events. In addition, the insurance can even reimburse you for fees when you enter competitions and your bike incurs an insured loss. This is called event fee reimbursement.

Spare Parts: Spare parts can be insured against damages incurred by fire, theft, or vandalism.

Cycle Apparel: Protect your expensive cycling apparel (including cycling shorts, bibs, and liners) from theft, fire, or vandalism.

Vehicle Contact Protection: This provision covers injuries if, while on the insured bicycle, the insured is struck by an uninsured or underinsured motorist. It is available in combined single limits of $10,000 or $25,000.

So for all of you happy coasters & hill climbers hitting the road with your top-of-the-line equipment, consider how bicycle insurance can save you a bundle. Contact us at Westrock Insurance to learn more about insuring your trusty ride.