Insuring a Pleasant Pedaling Experience

Nowadays you can insure everything from your pet iguana to that two-month trip to Tuscany, so why not your bicycle?

Actually, you may already have. Many homeowner's or renter's insurance polices cover bicycles that are damaged or lost due to fires, theft or acts of vandalism. It's best to check with your insurance company to make sure you're covered.

Many policies will pay Actual Cash Value (ACV), which is what the item—in this case, a bicycle—is worth given its age. Replacement Cost Coverage for personal property does not take into account depreciation but, rather, values the item at its new replacement cost.

Keep in mind that there is usually a deductible involved, which may nullify any ACV coverage. In addition, consider the possibility that making a claim may cost you more in the long run in terms of increased premiums and/or difficulties in renewing or obtaining a policy.

If you decide to make a claim, make sure you can document it:

	Keep a receipt of your bicycle purchase even if it's a used bicycle bought from an individual.
	Take photos of your bicycle.
	Provide a police report if your bike was stolen.
	Provide evidence of the bike's worth (estimates from a bike shop or a catalog).

When it comes to bicycle accident medical insurance, some associations offer low-cost protection. In addition, your automobile insurance may provide personal injury protection in accidents involving motor vehicles. Check the uninsured and underinsured motorist provisions of your policy as they may prove beneficial if the motorist involved in the accident was not adequately covered. And, your personal health insurance policy should cover injuries suffered from a bicycle accident.

You also might want to consider a general liability protection/umbrella policy, which protects your assets and future income above and beyond the standard limits set on your primary policies. This type of policy can come in handy in cases of catastrophic injuries.

Contact your insurance broker for coverage that is tailored to your needs.