Do you Need Cycling Insurance?

bicycle insurance

The reoccurring crime of bicycle theft is on the rise, and the number of occurrences continues to increase on a daily basis. A quality bike, no matter the style will be a costly purchase, which should include proper protection. A superior bicycle insurance plan will provide a smart step towards protecting your investment.

Types of Cycling Insurance

Before purchasing cycling insurance, it is important to be aware of the many options available. Many personal possession insurance policies do not cover bicycles, therefore, be sure to select a policy best suited to your requirements.

Insurance Stipulations

Vacation
When choosing your insurance, it is important to keep in mind the requirements you would like to include in the policy. If you are in the habit of using your bicycle on vacation, it is important to review this with your insurance agent. Many vacation insurance policies will not include bicycles. You may require purchasing a policy, which stipulates vacation coverage.

Types of Bicycle Insurance Descriptions
Read your policy and go over each stipulation carefully. Some bicycle insurance policies are incredibly detailed, and it is a favorable idea to have a clear understanding of what the coverage involves. For example, some policies will go as far as stipulating non-pedal bikes. There are so many insurance companies available today and it is important to take advantage of the availability through comparison-shopping.

Proper Security Requirements
Certain policies will not cover the theft of your bicycle if you do not make the necessary security procedures for your bicycle storage. Bicycle security locking systems will be a requirement of your insurance policy in order to provide proper coverage. Many insurance policies will not cover a bicycle theft when the owner uses a common cable lock system. These types of systems involve the highest percentage of thefts as the chain provides easy cutting with bolt cutters. Researching and investing in a u-style locking system is not only a requirement of the insurance policy, it is a wise choice for the owner as well.

Additional hints, another stipulation to look for in your policy is the detailed storage requirements. Many policies for bicycle coverage require stipulated storage requirements before eligibility granting.

All policies require clear photographs of the bicycles as well as serial identification numbers. Be sure to include multiple angles of the bike when taking the photographs. It is always in your best interest to keep copies of your bicycle photographs, as well as a detailed description of the model and name of the bike. Each bicycle includes a serial number for identification purposes. This, as well as the other detailed information, should be stored in a safe place for providing to authorities as well as your insurance agent if a theft should occur.

Today’s security market provides inexpensive and easily purchased implements to further assist in securing your bicycle. Purchasing and marking your bicycle with a ultra-violet marker will assist in avoiding identifying issues should the authorities locate the stolen bicycle.

Eric is the owner of one of the largest Brisbane bike shops. His customers often ask him if they should take out insurance and believes that they all should. When he’s not at the store, Eric likes to get out on his mountain bike and spend time with his family.

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