Insurance Coverage For the Summer Cyclist
Summer is in full swing and most of us are spending as much time outside as possible. If you are a cycling enthusiast, or even a novice you might be spending time on the local Holliston/Milford bike trails this summer. Have you ever wondered what would happen if you bike was stolen or damage, or if you damage someone else’s property while out on your bike? Here are a few quick things to know about bicycling and your insurance coverage.
Am I covered if my bike is stolen? :
Generally yes, you have coverage through a homeowners (or renters) policy, but it may not be enough on it’s own to cover the cost of a new bike. You will also be subject to your deductible, which can be high on a homeowners policy. In the end you might be paying for a lot of the replacement yourself depending on the price and deductible. If you have an expensive bike it would be worth scheduling it on your policy. Most companies allow you to schedule high value items on your policy and in that case you would not be subject to your deductible and would have more coverage. Scheduling an item basically means getting an official document that shows the specific model information and it’s value. It does not matter if your bike is stolen from your house or somewhere else. Scheduling an item is usually inexpensive and worth asking your agency about if you have an expensive bike.
If I am riding my bike and hit a car, pedestrian or other cyclist do I have any coverage?:
If you are at fault in an accident the other person can seek compensation from you, although it will come from your homeowners policy rather than your auto. Your Homeowners policy will cover compensatory damages that you are legally liable for. You would most likely not have coverage in this case for your bike, and any injuries to you personally would not come from your homeowners policy but rather your health insurance.
If someone hits me with their car while I am riding my bike who covers my expenses?:
If you are hit or injured by someone else their auto or home insurance policy will cover your medical expenses and property damage. If the person who hits you is uninsured, underinsured or flees the scene you will be able to fall back on your own insurance.