In 2017, there were 783 cyclists killed in crashes with motor vehicles in the United States. It can be easy to ignore the fact that bicycle accidents can happen to you but these statistics suggest it is far more likely. In addition, every year cyclists in the U.S. experience nearly half-million bicycle-related injuries, as well as causing damage to other people’s property. Cyclist are the most vulnerable on the road and an insurance may come in handy in fatal situations. Getting an insurance coverage can help you to avoid extra costs such as medical fees, bike replacement or repairs and liabilities. Refreshing your road safety knowledge can also reduce the risk of being involved in an accident.
Coverage for Damage or Theft
You might need repairs or replacement for your bicycle in case of a motor vehicle crash or theft. If your bike was damaged in a car crash, the driver’s insurance should cover your bike though the claiming process may be long and tedious. It may even get complicated if the driver is not insured. In the case of theft, the bike might be partly covered under a home insurance policy or a renters insurance policy. The downside to this is that these policies usually have high deductibles and they also cover your property at a depreciated value, so you may get next to nothing after deductibles.
Health and Life Insurance
While cycling has major health benefits, as a cyclist you are likely to get injured in a car crash or any other type of accident. Keeping this in mind, you may not want to rely on normal health insurance after an accident due to the high deductibles involved. Auto insurance policies may also cover injured cyclists through Personal Injury protection, Med pay or a combination of both policies. These policies usually provide more extensive coverage and benefits than medical insurance. Cycling may sometimes become dangerous especially when fatal accidents happen, such situations warrant the need for comprehensive health and life insurance coverage that can provide financial support to you or your loved ones.
Liability for cyclists can occur in the case that they damage property or cause bodily harm to others. Though rare, such situations do occur. Those who have been injured by cyclists may be covered by their health insurance but it's possible that they may come after cyclists for additional costs. In this case, the homeowners or renters coverage may come to the rescue since they come with at least $100,000 in coverage for personal liability and sometimes payment for legal expenses. But the downside to this remains the same, deductibles may be costly. It may be helpful to note that if you are prone to being involved in bike accidents, you may find it difficult to find an insurer willing to cover you.
Special Insurance for Cyclists
The increasing adoption of cycling has encouraged the insurance market to create more suitable packages for cyclists. Companies like Velosurance and Spoke provide insurance packages specifically tailored to cyclists. Such companies may cover damage or theft of a bike, medical payments and liabilities. Other extras may include rental and shipping coverage. The latter covers damages to your bike during shipping.
Anyone with a bicycle worth more than $1000 needs special insurance to avoid paying high deductibles in case of accidents. It is also important to keep yourself safe even if you are fully insured in order to avoid tedious claiming processes and injuries.
Story submitted as special contribution by Sally Writes.