Insuring Bicycles

As the weather is starting to warm up, more and more people are getting outdoors to enjoy the weather.   Part of this may include taking a bicycle outside to enjoy the mountains or maybe just a lazy bike trail.

One of the questions we frequently receive is in regards to properly insuring a bicycle if it is lost, damaged, or destroyed.  So we thought it would be good to spend a few paragraphs explaining the best way to cover your bicycle with insurance.

Most bicycles are covered as property on your homeowners policy policy under the contents limit and the policy will provide coverage whether the bike is stolen or destroyed on your property, in your vehicle, or at another premises.  One of the things to pay close attention to, though, is the limit of insurance you have for the bike.   Some policies will only provide a sublimit of insurance of $1,000 to $1,500, which might not be adequate for an expensive racing bike that may have cost you thousands of dollars.  If you have an expensive, customized, or unique we recommend speaking with your agent about purchasing some additional coverage for the bike.

What about if you hit somebody or destroy property while riding your bike?  Will insurance pick that up as well?   Typically, your homeowners policy will also protect you for any damage or injuries you cause while riding your bike up to the limits of liability on your policy.   Every insurance policy is different, though, so it’s important you speak to your agent about how your specific policy would respond in the event of a bicycle-related claim.