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Bicycle insurance is not something that casual cyclists or serious cyclists often think about. In the event of theft, fire damage or injury to a bicycle, it is good to have insurance in place so that you are not out of pocket for the entire amount needed to cover medical expenses and repair or replace your bike in the event of an accident or other type catastrophe.
Renters, Accidental Thefts and Theft Coverage
Three different scenarios are possible. First, you can get insurance to protect you in the event that you are at fault when riding your bike. Imagine you are cruising down the road and you hit an obstacle or bump that causes you to run into another cyclist, a pedestrian or a child. In this situation, your renters or homeowner’s policy will protect you.
So you can protect yourself while you’re on your bike by purchasing automobile insurance on your own car and adding to it uninsured/underinsured motorist coverage. This relatively small amount of money could save you thousands. It is important to understand why you are making this small investment. Injury costs may exceed the $10,000 standard liability policy that most drivers have. If you have at least $100,000 in uninsured driver coverage on your vehicle, your insurer will cover the $90,000.
Consideration
You should consider an insurance that covers your bike and/or yourself from damage. This is confusing to some, because bikes are usually covered by a renter or homeowner’s insurance policy. This type of policy covers specific risks, such as theft, fire and wind damage. If you file a claim, it must be for one of these reasons. It’s not a valid reason if you were struck by a distracted driver, such as a driver who was texting or drunk. Your bike may be covered by your homeowner’s policy or renter’s policy, but it could have a cap on how much it pays. You can buy additional coverage for your bike from some insurance companies.
What about e-Bike Insurance?
In Florida, there is a law that defines an ebike. There are basically three classes of ebikes: Class one, Class two, and Class three. In Florida, if you ride and own an ebike that falls under one of these categories, it is considered a bike. If you hit a cyclist or pedestrian, you need to make sure you are adequately covered. First, you would check your homeowner’s or renter’s insurance. You should let them know that you own an e-bike, and the type of bike.
You should also make sure you have enough UM coverage to cover you against drivers who do not have insurance in Florida or have too little. The e-bike is treated just like any other bike, which protects against theft as well as protecting your bike in the event of a collision with a vehicle.
You may not think about bicycle insurance when you go out for a ride. Knowing your options in the event of a collision, theft or fire is a great advantage. A good insurance policy can protect you financially and increase your enjoyment of cycling.
This post was written by Kelly-Ann Jenkins of Jenkins Law P.L. Kelly-Ann is an insurance claim Lawyer. The information on this site is not intended to and does not offer legal advice, legal recommendations, or legal representation on any matter. Hiring an attorney is an important decision, which should not be based on advertising. You need to consult an attorney for legal advice regarding your situation. Click here to learn more! The information provided on this website does not, and is not intended to, constitute legal advice; all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.
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