Is Bike Insurance Worth It?

Is Bike Insurance Worth It?

Do bikers require insurance? Do you need to be indemnified to cycle on the road? In short, it’s not a legal prerequisite. However, it may be an excellent idea. It’s worth investing in bike insurance if you want to protect your bike from accidental damage and theft or if you race and travel a lot and would like to be insured just in case anything happens.

In this article, we look at why you need bicycle insurance, when you may need it, and when you don’t need it. But first of all, what is bike insurance?

Related: What is the 1st Party Bike Insurance?

What Is Bicycle Insurance?

When you take up insurance, you’re essentially assenting to pay a firm a certain amount of money each month to have the assurance that the company will pay a little or all of the loss if you suffer a major financial loss.

The amount you pay every month is known as premium. The pact that specifies what is covered, what’s not included, and the terms under which they will pay (or won’t pay) you, is known as the insurance policy.

What is covered under bike insurance?

The choice of an insurance policy is mostly placed on the to-do list, where it stays until you or anyone close to you has an accidentand is left with a huge bill to pay off. If you choose an insurance policy when you purchase your new bike, you and your bike will be covered in case of an accident. This will make you concentrate on the crucial thing – riding your bicycle.

Related: What is Bumper to Bumper Bike Insurance?

Here are the reasons why you should get bike insurance.

Protection against Thievery

Irrespective of where you live or where you ride – or the number of privacy features you enable – your bike will be at risk of thievery.

We always assume that our bicycles are insured by home insurance. This is usually not the case – particularly with more costly bikes. This type of home insurance also doesn’t cover you if you’re in an accident (or unluckily lead to one while you’re cycling).

Insured while Traveling

One reason why we ride bikes is the great pleasure of exploring new and thrilling places. There’s no better place to do this than overseas, surrounded by new people, cultures – and above all, new terrain. Whether you’re organizing a short cycling vacation abroad or a great trans-European adventure, you need cycling insurance to cover your bike when traveling.

Related: Which Insurance is Best for Bike: Comprehensive or Third Party?

Protection in Case of Personal Injury

Cyclists are tough people and usually rebound after a fall with only a few cuts and bruises. However, sometimes the injuries are much more serious, probably even life-threatening.

A cycling insurance policy will make sure you get financial recompense for fractures suffered in the accident. This allows you to pay for emergency dental work or restoring physiotherapy without using any of your hard-earned cash.

For Individual Liability

Although cyclists are usually at a higher risk of injury than other road users, there are instances when they can be the ones to blame in an accident, particularly with pedestrians.

Such accidents are common in city centers, where busy and overcrowded roads can easily cause collisions between you and others. If you’re the one who caused the accident or are responsible for the accident, there’s a likelihood that someone could sue you.

Also read Best Insurance for Motorcycle (Reviewed 2021)

You’ll be insured in a Competition

Not everybody enjoys racing bikesor riding very long distances in planned sporting events. However, for people who do have bike insurance, it’s important. On several events, it’s mandatory to have bike insurance.

Although many organized races and events may not need bike insurance, it’s important to keep it in mind if you plan to attend such events frequently. If you ride in a large group of people, then you’ll be more confident. However, this doesn’t safeguard you from being involved in a large pile-up.

Protection from Accidental Damage

Even a minor fall can permanently damage your bicycle, which can make it risky to ride. With a bike insurance policy, you’re protected from accidental damage that may happen to your beloved bike. Therefore, you can rest assured your bike is covered in the event of a deadly crack in the frame or an unnatural curve in the front fork, for instance.

When Do You Need Bike Insurance?

It’s worth purchasing a bike insurance policy if:

  • You have a costly bike: High-quality road bikes can be costly. Therefore, it’s advisable to have bike insurance that can cater to the cost in case your bike is stolen or destroyed.
  • You use your bicycle daily: Bike insurance can also cater for costs that may be incurred if you’re injured in an accident, or if someone’s belongings are damaged when riding.
  • You go on a bike race: Several bike insurance policies can insure you if you participate in triathlons, road races, and time trials.

When Do You Not Need Bike Insurance?

You may not require a bike insurance policy when:

  • Your bike is inexpensive and old: If your bicycle is cheap and may not be worth purchasing a cover, particularly because many policies charge more.
  • You don’t ride your bike frequently: If you don’t ride your bike often, an insurance policy may not be useful.
  • Your bike is already insured: If you have home insurance that can cater for your bike at home and on the go, you may not require separate bike insurance either.

If you have a home insurance policy, ensure you check as it may cater to your bike.

So, Is It Worth Insuring Your Bike?

In the end, this will always be an individual choice and a question that depends on one’s experience of thievery. Factors like where you live, the experiences of your peers regarding bike theft, and your financial situation will all play part in your decision.

Maybe the more relevant question is “Can you afford not to insure your bicycle, gear, and your teeth in the event one of them is lost?”

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Hello, my name is Patrick, a cycling enthusiast. Since I was a kid, my biggest hobby has been and will only be cycling. I hope to share my riding experiences and together we can have fun. Cheers!

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