Posted On:
Thursday, April 25, 2019
Updated On:
Tuesday, July 18, 2023

Insure Your Bikes

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I’m here to deliver a PSA to all of my cycling-loving friends:

What would happen to your bike if you crashed it and the crash was your fault??  I was in this exact situation on September 18, 2015.  I was in a major cycling accident, and it was entirely my own fault.  Any damage to the bike was my complete financial responsibility.  As such, a total loss of the bike would have been exactly that - a total loss.  Fortunately, my bike was *not* fatally damaged in that accident, and with a few repairs, it was ready to ride again.

After that happened to me, I took out a policy on all of my bikes that covers them in all situations for loss or damage.  Many people operate under the assumption that bikes are covered as personal property under a renter’s or homeowner’s policy.  And they are - if they are stolen or damaged IN YOUR HOME.  If the bike is stolen from your vehicle, it is generally covered under an auto insurance policy.  But loss or damage outside of your home or vehicle is not covered.

Two weeks ago, Darth Maul (the aforementioned road bike that survived the Vader Arm crash) was delivered back to Syracuse from Henderson, NV.  Unfortunately, the shipping carrier damaged the bike fatally; the carbon fiber is cracked and it’s no longer safe to ride.

This was not an issue for me because I carry my own policy on the bike.  But it got me thinking about all of my other cycling friends.  What would have happened to your bike if this situation happened to you??

Insurance offered by shipping carriers is extremely expensive and is only good for that single use.  I can tell you from personal experience that it’s also nearly impossible to collect on.  (For all of these reasons and more, I am very much opposed to all small insurance like that, but that’s a different story for a different day.)  I STRONGLY recommend looking into a policy that covers your bike in all situations - when you’re riding it, when it’s being transported by someone else (such as an airline or a shipping carrier), etc.  Believe me, the peace of mind it brings is worth the annual premium.

My personal policy is an addendum to my homeowner's policy; it’s covered the same way a ring would be - as scheduled personal property - and doesn’t require a deductible if I put in a claim.  Yes, because bikes are at high risk of theft, damage, or loss, the insurance is a little pricey (I pay 1.77% of the total insured value of my bikes as my annual premium), but it’s absolutely worth it.  One day, I hope to be completely self-insured (meaning that I have the cash-on-hand to cover the loss), but today is not that day.  And so until that day comes, I pay for insurance.

Just food for thought, my friends.  #PSA #FarewellDarthMaul

About

Coach Laura Henry

Laura Henry is a Syracuse, NY-based coach who is a USA Triathlon Level II Long Course and Level II Paratriathlon Certified Coach, USA Cycling Level 2 Certified Coach, VFS Certified Bike Fitter, and has successfully completed NASM's Certified Personal Trainer course. Coach Laura is passionate about helping athletes of all ability levels reach their goals and has coached many athletes to success.

She can be reached at laura@fullcircleendurance.com.

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