With gas rates continuing to skyrocket, it is no surprise that more Americans are relying on bicycles as an alternative type of transport.
In truth, bicycle riding is the 3rd most popular outdoor activity among grownups, with 12 percent of people categorized as “frequent cyclists.” This number actually increases to 22 percent for children.
The fundamentals of bicycle safety are well understood– wear a helmet, use reflectors, and be noticeable and alert. But when it comes to insurance, lots of cyclists are uninformed or misdirected worrying the actions they can take to more protect themselves and their bicycle.
A specialized, stand-alone policy, bicycle insurance policy covers liability, loss, damage, and in some cases medical payments. Bicycle insurance companies put together five common misconceptions and misunderstandings about bicycle insurance that agents can utilize to educate their customers to secure themselves and their pastime.
Though a homeowners’ policy can often provide coverage for bicycle theft, some homeowners’ policies have low coverage limits for things like sporting equipment.
“There is an absence of awareness of the need for insurance coverage. The majority of people only assume they are fully covered under their homeowners or renters’ policies (as many people do not read the actual policy documents they get to know precisely what is and isn’t covered). In the unfortunate occasion of an accident, they are shocked to discover out there may be exemptions from their homeowner or renters’ coverage and possibly other restrictions, so the cyclist might not get the amount of the bike,” stated Houston Allstate Agent, Steve Griffin.
Bike owners who come down with theft may be confronted with much of the replacement cost for their bikes because of low coverage limits and high deductibles.
What’s more is that a bike claim could cause an individual’s homeowners’ rates to go up. With a separate bicycle insurance plan, cyclists can protect their homeowners’ rates and secure their bike from worst-case situations.
It is the agent’s job to make sure that a client understands their alternatives. By bringing a customer’s focus on exactly what is covered by their homeowners’ policy, they can figure out whether or not bicycle insurance essential with their existing policy.