Cycling is extremely popular in urban areas like Houston. When it comes to choosing the right bicycle, there are literally thousands of options to choose from. Depending on which model you choose, you could spend hundreds, or even thousands of dollars. Protect your investment by considering these insurance tips for Texas cyclists.
Insurance Tips for Texas Cyclists
You have insurance for your home, vehicle, and assets. But what happens if your bicycle is stolen or damaged in an accident? Do you have coverage that will reimburse you for your loss? According to the Federal Bureau of Investigation (FBI) Crime Statistic Report, every 2.8 minutes, a bicycle is stolen.
Many people are unaware that their auto, homeowners, or renters insurance could cover their bicycle if it is stolen or damaged in an automobile accident. The key is knowing what your insurance policies cover, and taking steps to be sure your bicycle is included. Consider the following:
Auto Insurance
Many auto insurance policies provide coverage for property damage and bodily injury associated with accidents involving a bicycle. The general rule is that if one of the vehicles involved is an automobile, your auto insurance should cover your losses. In most cases, if you plan to use a bicycle as an alternate form of transportation, it is advised to include Personal Injury Protection on your insurance policy.
Personal Injury Protection (PIP), also known as “med-pay”, starts at $2,500. You can increase coverage if the value of your bicycle exceeds that amount. Talk to your insurance provider about what coverage levels work for you.
Homeowners Insurance
Homeowners insurance can include coverage for your bicycle, but it will not cover incident like accidents. Traditionally, homeowners insurance will cover theft or damage occurring on your property, such as natural disasters. Some insurance companies have special provisions for bicycles, but coverage may have limits. Also, premiums can be expensive.
Renters Insurance
Millions of people rent, and most have some form of renters insurance. What they don’t have is a detailed inventory of their assets to be sure that they have the right amount of coverage. If you have a bicycle on your renters insurance policy, you are eligible for the full cost if someone steals it from your residence. Of course, that is up to the policy limits. Renters insurance will also cover your property if someone steals it off-site, such as at work or in a public bicycle rack.
Do You Have Adequate Coverage?
You don’t need to be a professional cyclist to qualify for bicycle insurance coverage. Protecting your assets against theft, damage, or auto accidents is as important for cyclists as it is for the operator of any vehicle. To learn more about your insurance coverage and what to do if you have been injured while riding your bicycle, contact Daic Law today. Set up a case evaluation by calling (713) 808-5246, or by sending us an email at info@daiclaw.com.
Daic Law helps clients throughout Texas with consumer protection, debt defense, debt collection lawsuits, and more. Call us to find out how we can help you!
Sources
- https://velosurance.com/information-center/bicycle-insurance-mistakes-and-misconceptions/
- https://www.esurance.com/info/renters/does-renters-insurance-cover-bike-theft
- http://www.propertycasualty360.com/2013/08/05/bicycle-insurance-5-myths-and-misconceptions?t=personal-lines-business&slreturn=1486070757&page=6
