Insuring Your Bicycle
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| Bicycle Insurance |
Your bicycle might be covered in your homeowners policy
Bicycles are normally covered under the "personal property" section of a homeowners insurance policy or standard tenants. If the bike is stolen or damaged in a disaster covered in your policy, you might be able to get a refund, minus any deductible from your insurance provider.However, says Lauren Hernandez, senior marketing coordinator of the insurance company Markel, bike owners should read the fine print of your policy. "Most property insurance policies have low limits on sports equipment," says Hernandez. "Bicycles worth $ 500 or less typically fall under the" limit of sporting goods' in the middle housing policy. "Each insurance claim has the potential to increase their rates. While you can file a claim with low-cost supplier, the result could be a new renewal premiums is more expensive than your original claim. In this situation, bicycle insurance might be a better option, which lets you choose the coverage of your bike and yourself as well as your responsibility to others on the road.
How to know if bike insurance is for you
If you buy a bike that costs $ 1,000 or more, you may want to consider a safe bicycle. However, if your deductible is greater than the value of the bike, you probably will not get anything out of the deal. Think of it this way: If your insurance only covers your bike for damage or theft, and the premium for the year-over-your deductible is more than worth your bike, you may be wasting your money.Dave Williams, CEO and founder of Velosurance, an insurance program bicycle, advises: "If the bicycle costs $ 300, there is little reason to ensure that, but at $ 3000 it begins to make sense."Like most other large purchases, you need to balance the cost of insuring your bike especially against the characteristics, value and tranquility to provide safe bicycle.
The benefits of bicycle insurance
With most insurance providers bicycle, you are able to personalize your based on your driving style plan. Insurance policies typically include coverage protection from physical damage or theft, general liability, and contact of motor vehicles, while also offering rental reimbursement, medical expenses and roadside assistance.A spokesman says the radios Insurance insurance benefit is getting a bicycle insurance coverage tailored for a high-end bike fills the gaps of an insurance policy.Hernandez Markel notes that many motorcyclists involved in accidents often surprised by what is not covered in your insurance policy."An insurance policy of the independent bicycle can protect your bike things such as theft, vandalism, accidents, or a hit and run," says Hernandez. "In addition, it can provide coverage for your riding clothes and spare parts, in addition to liability coverage, and even roadside assistance."
The cost could be worth the benefits
Companies like Velosurance, Markel, and generally spoke customize their policies on the basis of its location, the value of your bicycle, and the type of driving you do."Because the risk is higher, racing competitively and bicycle commuting cost more than fitness and casual strolls" says Williams. "A rough estimate for a pilot fitness in a state of South level is 7 to 10 percent of the value of the bicycle, and a state-level North is 5 to 7 percent of the value." That means a driver with a bike fitness $ 3,000 in Florida could pay about $ 240 a year for insurance, with the same bike $ 3,000 in New York only cost about $ 180 per year.In Velosurance, a typical insurance policy averages bicycle $ 100 a year, or about $ 9 per month. With Markel, the average cost of the policy range from $ 250 to $ 300 per year.Whether to buy insurance bicycle ultimately may depend on your risk tolerance, but if you are looking for financial protection for unforeseen or unexpected loss of his valuable property, then secure bicycle could be for you.
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