How to decide on bicycle insurance

A few potential risks are given below that make insurance coverage an essential activity:

  • Property damaged during the accident apart from the bicycle
  • Damage to someone else’s property during cycling
  • Theft from home or elsewhere
  • Damage caused during travelling or racing

There are many insurance companies in the market that offer insurance especially for cycle claims and its equipment. While there are others that offer bicycle insurance as a part of home contents insurance, motor vehicle insurance, travel insurance or public liability insurance.

Each of these policies can be very complicated and differ drastically from each other. It is therefore very important to select the right product from the right company as their coverage has their own limitations and may not offer the total coverage required especially for the cyclists and their needs.

There are many aspects to be considered when deciding on bicycle insurance. It is because each of the insurance claims is treated differently and these policies have different coverage criteria.

A well-informed decision can be made if the following points are considered:

  • The coverage should be for theft as well as damage due to accident. It should also include both personal injury as well as property damage
  • The coverage should be for damages during professional racing and recreational biking if you do it
  • If the policy offers just the replacement and repair or also includes cycle accident compensation
  • If there is any additional charges to be paid for accessories or equipment
  • If there is convenience of bundling other insurances such as life and travel insurance with the same policy
  • The limits on the maximum bicycle compensation pay-out values must also be checked

Bicycle insurance provides coverage specifically for cyclists, which other general insurance such as home insurance does not cover. It is especially designed for the cyclists to protect property in the event of damage or loss in accidental and theft situations.

Bicycle insurance is usually ignored by the owners due to reasons such as premium charges, hassles of claim settlement and low importance attached to it. However, it is always worth to pay a small premium cost to insure expensive cycling equipment.

The decision of bicycle insurance must not be taken randomly based on advertisements or other such influential factors. There are many other crucial factors that must be considered before embarking on a policy. Once covered by a policy, it is also very important not to take it for granted.

Seeking advice from independent insurance advisors, considering all the coverage options, collecting receipts, enquiring the replacement values, speaking to the other bike owners, and asking questions on the coverage are a few proactive steps that a cycle owner must resort to before taking any decision and making a cycle claim.

Insurance is considered a complicated minefield by most bicycle owners. The cyclist must act responsibly and insure their valuable assets. They must work with the insurance companies and select the policy that encompasses their needs. The product disclosure statement (PDS) of the insurer must be referred and policy must be discussed at length with the insurance company before making any decision.

The policy terms and conditions, coverage and exclusions are a must to be reviewed meticulously. This well researched decision based on will help avoid any last minute hassles and complication in the bicycle claim settlement.