Wednesday, May 16, 2012

Do You Need Bicycle Insurance?

Cyclists face bicycle liability issues. Therefore, they are finding that insurance is a wise protection to have. Bicycle insurance will cover a variety of occurrences such as when the cyclist is the cause of an accident or damage to another user of the road.

Basic Insurance Coverage
Third party claims can be expensive, but cyclists can feel confident on the road when they have bicycle insurance. With a basic plan, riders can safeguard as many as three bikes for coverage up to $15,000. Cyclists may also buy insurance to cover their specific needs. For example, riders who often compete overseas may add protection for foreign locations. Another optional coverage is public liability, which will protect other road users.

Personal Cycling Insurance
Riders may choose to protect their bike along with personal injuries. Cyclists will have coverage against theft, damage and third party accidents. Most insurance plans will allow riders to select the exact coverage they’ll use without paying for protection they won’t need. For example, if a cyclist’s home insurance covers bicycle theft that happens on the property, then they may opt for third party protection along with personal injury coverage and cancel theft protection.

Coverage for Athletes
Cyclists who participate in events such as triathlons, ironman competitions and cycling races should consider specialized protection. Often, a security requirement during a race is that competitors must lock their bicycle while competing. However, some events will allow insured racers to forego this requirement. Thus, a time penalty is avoided during the race.
Additional benefits for athletes to become covered include the ability to pay for bicycle insurance monthly and an opportunity to renew coverage and make changes online.

Additional Bicycle Protection and Benefits
With bicycle coverage, riders can choose to add roadside recovery. This service will rescue riders during a cycling accident or when a bicycle is vandalised and requires repair. An incident such as this may cause the cyclist to become stranded. Roadside recovery will pick the rider up and take him or her along with their bicycle to a repair shop, car rental agency, residence or railway station along with a requested overnight lodging locale.

In most cases, the incident will need to be more than a mile away from the cyclist’s personal residence to qualify for service.

Depending on the bicycle insurance company, cyclists may receive added benefits such as a loyalty bonus for renewed membership. Also, cyclists may cover up to three additional bikes as long as the primary insured party uses them. Riders may choose to protect other family members such as their spouse and children.

Prior Claims
With car insurance policies, the insured will often have concerns that the cost of the policy will increase after a ticket or an accident. This is typically not the case with bicycle insurance. However, cyclists must advise their insurance company when incidents occur as coverage may become invalidated due to a non-reported accident.

Bicycle insurance is a safeguard for cyclists. Furthermore, it will provide peace of mind and allow riders to enjoy their preferred form of transportation, leisure activity or competition.

Ryan is the owner of a chain of Adelaide bike shops. He recommends all of his customers take out some form of bike insurance just as a precaution. Ryan plans to expand his business throughout Australia in the next few years.

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