Bicycle Insurance 101

While the weather continues to heat up, it is the perfect time to ditch your car and opt to ride your bicycle whenever you can. While your two-wheeled transportation may be much less expensive than your car, it does not mean that it does not deserve the same protection. Knowing how to protect your bike with the right insurance policies can help to ensure that you are protected from any peril on the road.

Many people assume that their existing homeowners insurance policy will provide enough coverage for their bike. If you bought your bike for $20 at a garage sale, this might be true. However, if you spent a couple thousand dollars on your specialty bike, you are probably not covered. The personal property portion of your home insurance, which will provide coverage if your bike is stolen or damaged, has a strict limit on how much protection it will provide. If you have a pricey bike, chances are that the cost to replace it will exceed the limits of your policy, which will leave you paying for your bike out of your own pocket.

When looking for coverage for your bike, you should consider scheduling it within your home insurance policy. When you schedule an item within your policy, it will receive more protection than all of your other belongings. You may also want to consider investing in a separate bicycle insurance policy, which will provide even further protection in case of damage to your bike, or if it is stolen.

When looking for the right bike insurance policy for your bicycle, contact the insurance professionals at North Central Insurance in Elk River, Minnesota. We will work with you to make sure that you have the protection that you deserve, all at the right price to fit your budget.