In spring 2016, there were over 66.5 million bike riders in the U.S. according to Statista. This includes people who use their bike for commuting, exercise, or entertainment. Biking is growing in popularity in recent years because it’s a cheap, healthy, eco-friendly mode of transportation.                                                  

Biking is a great solution, but bike accidents can be dangerous and expensive.

In fact, surveyed participants who do not bike claimed they would if they weren’t concerned about their safety. According to the NHTSA Traffic Safety Facts, in 2015, 818 people died and 45,000 were injured from bicycling accidents. These rates were up from previous years for unknown reasons.

Whether you’re out for a joy ride or you’re commuting to work, you could end up in a biking accident that could injure your health, your assets, and your safety. Bicyclists are not required by the state to carry insurance. However, with the high incidents of injuries, death, and damage, all cyclists should consider protecting their health and their bikes.

Let’s take a deep dive into the types of insurance policies applicable to bike incidents. Then we’ll give you some tips to stay protected while riding.

Covering Your Bike

Generally, you do not need separate insurance for your bike.

If your bike is lost, stolen, or damaged, you could possibly be reimbursed under your homeowners’ or renters’ insurance policy. This is only true if you have personal property coverage and/or your bike is listed on your home inventory. If not, you may want to consider an umbrella policy that would cover the cost of replacing or fixing your bike. Generally, your insurance will not cover maintenance costs, only those expenses associated with an unexpected theft or natural disaster.

If you are injured while riding your bike, medical costs would often be covered by health insurance. In some states and situations, it could fall under your auto insurance personal injury protection, which has more extensive coverage than health insurance, like payment for related services and time off from work.

If you were injured in a motor vehicle accident, you could also sue the motorist who hit you; their liability insurance could then help pay for your bills. However, you can’t always rely on this working out in your favor. While bicyclists are often not found at fault, you could still end up being liable for the motorist’s damages.

If you injure or kill someone else while riding your bike, they could sue you for their injuries. This would be likely covered under your homeowners’ or renters’ liability coverage. For individuals with significant assets that could be at risk if sued, an umbrella policy with additional coverage is often recommended.

Some niche insurance companies sell bike-specific insurance. However, this is usually best for riders who don’t have full coverage under their other insurance policies. Some avid bicyclists like bike insurance because these companies offer additional extras, like bike rentals, bike maintenance, and airline shipping protection.

Staying Protected On Your Bike

Stay away from financial and safety risks with these 7 biking tips.

1. Wear protection.

Always wear a helmet, whether or not it is mandatory in your state. If you get into any sort of accident, you want your head to be protected to prevent serious injury or fatality.

Additionally, make sure the bike fits your body well. The seat, handlebars, and pedals should be adjusted for your height and weight. This will help protect you from straining your muscles or losing control of your bicycle.

2. Lock your bike.

Almost all bike theft and damage occurs from improperly locking. Always lock your bike to a fixed and immovable object—even in your apartment building or outside your dormitory. Be sure to lock it to something that cannot be easily cut and that the bike can’t be lifted over. You should also lock your bike in a visible, busy area to deter criminals. If possible, avoid locking your bike in the same location, as repeated patterns tend to attract theft.

Purchase a quality bike lock that won’t be cut or tampered with easily. U-locks are usually the best as they can lock tightly and are easy to carry. Choose a lock with a key, rather than a combination, as dial locks are more easily broken.

After purchasing a bike lock, send in the warranty or registration form. Keep a copy for yourself. This is helpful to show your insurance company in case of a claim to show that you took necessary precautions to protect against theft.

3. Act like a motor vehicle driver.

Know the rules of the road. Remember that you have to follow the same traffic laws as cars and buses. You should also learn bike hand signals for turning, stopping, etc. This will help other drivers understand your movements to avoid any accidents.

Of course, drive as safely as you would in a car. Don’t weave in and out of traffic. Stay focused and alert. Remember that riding on a road is a risk, and you are especially exposed on a bike.

 4. Be visible.

It can sometimes be hard for car drivers to see you when you’re on a bike. Wear bright colors, especially at night. Place reflectors and lights on the front and back of your bike. Have a horn accessible to quickly signal to other drivers.

5. Save your receipts.

Keeping your receipts will help speed up the claims process if your bike is damaged or stolen. Hold on to receipts for everything that goes with your bike including the helmet, patch kits, pumps, tubes, accessories, lights, reflectors, horns, and more. These accessories add up and may not be covered if you don’t have proof of purchase.

6. Add bike and accessories to home inventory and policies.

Your homeowners’ or renters’ insurance will often only cover those items that you have listed on your home inventory. Thus, it’s important to update your inventory with all your personal possessions—including your bike and its accessories—to be fully reimbursed in case of a claim.

7. Register your bike.

Although not necessary, you can register your bike with the National Bike Registry. This nationwide network makes finding stolen or lost bikes easier. 

The Bottom Line

Your bike is a part of your lifestyle. If something were to happen to your bike, it could influence your quality of life… and that’s where insurance steps in.

Work with an InsuraMatch agent to see how your bike would be covered with a homeowners’ or renters’ policy.