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Five common myths about insurance for bicycles

Although most cyclists are comfortable with their traditional bicycle equipment, such as reflective lights and helmets, they might not be aware of insurance basics. If you’ve let myths keep you from having your bike insured, you’re not reaping the benefits of a huge amount. Bicycle insurance is a specific insurance policy designed specifically for bicycles to guard against loss, theft, and malicious damage. You will get 100% of your requirements met. The insurance for bikes is an insurance policy that is designed exclusively for bicycles. It can be used to cover damages, liability, loss, and even medical expenses. Markel Bicycle Insurance has answered inquiries from cyclists all over the nation and has shared the most popular myths and misconceptions regarding bicycle insurance to inform cyclists and ensure their investment is protected from “worst-case” scenarios.

Myth No. 1: The homeowner policy will protect me if my bicycle is stolen; I don’t require separate insurance for my bicycle.

While it’s true that a homeowner’s policy may help with the theft of bicycles, However, certain homeowner policies could contain a lower coverage limit on items such as sporting goods equipment. A small coverage limit with a high deductible means that bike owners might be facing the bulk of the costs to repair their bicycles. A separate insurance policy ensures that regardless of the bike is; it will be covered in the event of an emergency. Also, Markel bicycle insurance can provide policy deductibles as low as $100.

It’s also possible that filing a bicycle claim under the homeowner’s insurance policy could increase your homeowner’s premiums and rise. With a separate insurance policy, the homeowner’s rate will not be affected if you are the victim of a bicycle accident.

Myth number 2: The home’s insurance company provided special coverage (sometimes known as”insurance rider”) to cover an amount equal to the worth of my bicycle, and I don’t require an individual policy.

The fact that the coverage is part of the policy does not mean that a damaged or stolen bike will not be subject to homeowners ‘ policy limitations, including limitations on coverage during competition or other restrictions. Markel bicycle insurance covers apparel and spare parts and provides protection when racing and more. Policies can be customized to consider the cost of replacing a beloved bicycle could be. Additionally, insurance for bicycles can provide 24-hour help on the road (including emergency transport) for just $12 a year. This means that a chain that’s broken or the blow-up of your last tube won’t mean an end to your exciting adventure.

Myth #3 The bike lock I have is the most secure on the market. I’m savvy about where I keep my bike, so it’s not likely to be stolen.

Most bike locks serve as a security measure, but even the most experienced cyclists may experience a moment of luck. According to the most recent FBI Crime Statistics Report, the theft of a bicycle occurs every 2.8 minutes. The most skilled thieves know the value of high-value bikes and how to take your bike and make it disappear (even with the most secure bike lock available).

Markel’s bicycle insurance coverage will protect a bike anywhere within the US and Canada anytime, no matter if it’s on the way to or from the site of the race.

Myth #4 The cost of insurance for bicycles is high!

With Markel’s bicycle insurance policies starting at only $100, it’s easy to understand that bicycle insurance does not have to be costly. Markel’s typical policy costs between $250-$300 annually; that’s a modest cost to cyclists with bikes that are worth millions of dollars. USA Cycling, USA Triathlon, and International Mountain Bicycling Association members receive an extra 10% reduction off their annual cost.

Myth #5 That only professional cyclists require insurance.

Yes, professional cyclists require insurance. But do triathletes, amateur cyclists, and everyone else who enjoys their bicycle! Markel’s insurance for bicycles provides insurance against damage, liability, or loss – on everything from a racing bike to an old-fashioned cruiser. Markel’s insurance plans are available to insured bikes across every state (and when riding within Canada). They can even safeguard your bicycle during transit on land or air (perfect for your next cycling tour). Professional, aspiring, or just casual cyclists can rest at ease knowing that they’re safe. Markel’s insurance for bicycles will ensure that it’s not a problem, whether for a pastime or as a way to live.

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