Bike Cycling Insurance

A bright spot in the aftermath of COVID-19 is that outdoor activities have surged.  Nationwide sales have increased in bicycle, equipment, and repair services as documented this NY Times Article.  Or if you stop in at local cycling shops Summit City and Fort Wayne Outfitters you’ll hear the same.

Cycling clubs are also growing in our quest to find community and physical fitness as many of our old ways are becoming limited or unappealing.  It’s a great time to re-discover the benefits of casual riding around a neighborhood, around the city on our River Greenway trails or at Franke Park, or at a State Park.

Here’s what we want you to know about how cycling and your personal insurance can intertwine.

Protect the value of your bike

  • How much would your stomach hurt if your bike were stolen?

The cost of bicycles can get expensive very quickly.  If you are looking for something more than a casual neighborhood ride you’ll find entry level Trek, Scott, and Specialized bikes start around $1,500. The cost can get to $5,000, and even $10,000+, for high end performance bikes.

If you or your child has $1,500 or more in a bike think about specifically insuring it against theft.  A momentary lapse in judgment that leaves your bike unlocked at home, a store, near the trail, or at an event could leave you empty handed.

We hate to think there are people that skillfully and intentionally steal but the reality is that there are!  Your bike can be covered on your own personal articles policy with a $0 deductible.

Protect your personal liability

  • What happens if you or one of your kids hits or runs into a parked vehicle?

Vehicle repair shops can be costly.  Typically a thumbnail scratch can cost $600-$700, notwithstanding if there is damage to multiple panels or along an entire side of the vehicle.

  • What if you or one of your kids injures a pedestrian while riding their bike?

Northeast Indiana has some of the highest healthcare costs in the country.  If surgery on a broken arm is required, your neighbor is likely to incur over $15,000 in medical bills.

A homeowner’s (or renter’s) policy can help cover you when you are legally obligated to pay for property damage and/or bodily injury.

Protect yourself and family

  • Do you or your kids ride your bikes in the neighborhood, or on or near a road where a vehicle could veer and cause injury?

Unfortunately our agency has seen some terrible auto/bicycle accidents.  Consider this: 1 in 6 cars have no auto insurance.  If someone hits you or your child, you can financially protect yourself on your own personal auto insurance policy with uninsured/underinsured coverage.

This means if someone injures you or a household family member and the at-fault party does not have adequate insurance, you can still have financial help for your time of need.

Not sure how to do any of this?  Combine your entire personal insurance program with a single trusted advisor, talk to us!

Jeremy Hyde | Colligan & Company