[et_pb_section fb_built="1" _builder_version="4.0.9"][et_pb_row _builder_version="4.0.9"][et_pb_column type="4_4" _builder_version="4.0.9"][et_pb_text _builder_version="4.0.9"]<h1 class="h1 text-tc-blue-800 font-weight-bold" style="text-align: center;"><span style="color: #000000;"><strong>Why 52,000 Bicyclists Need Insurance</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version="4.0.9"][et_pb_column type="4_4" _builder_version="4.0.9"][et_pb_text _builder_version="4.0.9"]<div align="center">
<p style="text-align: left;"><span style="color: #000000;"></span></p>
<div id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"><img src="https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/00a06696-bba3-4b0d-b257-58364a68a1c9/motorized-bike-insurance-header.jpg?w=1110&amp;h=400&amp;fit=crop" alt="Motorized Bike Insurance" /></div>
<div class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"></div>
<div id="mntl-sc-block_1-0-38" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html" style="text-align: justify;">
<p><span style="color: #000000;"></span></p>
<p><span style="color: #000000;">Many people use bicycles as their preferred means of transport. Some ride bikes for health and fitness; others want to avoid paying high gas prices. </span></p>
<p><span style="color: #000000;">Still others ride bikes out of concern for the environment. If you regularly ride, chances are you’ve put a considerable amount of money into your wheels. How do you protect that investment?</span></p>
<p><span style="color: #000000;">More people are asking that very question today, and several companies are offering bicycle insurance that mirrors the protection of auto insurance. </span></p>
<p><span style="color: #000000;"></span></p>
<h3><span style="color: #000000;">Safety Facts for Bikers</span></h3>
<p><span style="color: #000000;">As a biker, you need to be safe on the road. Here are some statistics about bikers and safety on US streets:</span></p>
<ul>
<li><span style="color: #000000;">In 2018, 857 bicyclists were killed in motor vehicle traffic crashes.</span></li>
<li><span style="color: #000000;">This accounted for 2% of all motor vehicle traffic fatalities.</span></li>
<li><span style="color: #000000;">An additional 45,000 riders were injured in motor vehicle traffic crashes.</span></li>
</ul>
<p><span style="color: #000000;">There are certain risks you face when you share the road with automobiles. Consider your risks as you start to think about purchasing an insurance policy for your bike.</span></p>
<p><span style="color: #000000;"></span></p>
<h3><span style="color: #000000;">Does Homeowners Insurance Provide Bicycle Coverage?</span></h3>
<p><span style="color: #000000;">If you own a home, your homeowners policy provides some bicycle insurance in the form of personal property coverage. A renters insurance policy will do the same. </span></p>
<p><span style="color: #000000;">Be sure to contact your agent to discuss whether it makes sense for you to add your bicycle as a line item on your homeowners insurance policy, and whether you need an additional rider, or a separate insurance floater, to provide the protection you need.</span></p>
<p><span style="color: #000000;">Your homeowners policy will cover damage to your bike to some extent, but your bike’s replacement value may be much higher than the amount of coverage provided in a standard policy. </span></p>
<p><span style="color: #000000;">In a catastrophic incident, such as a home fire, your losses in terms of personal belongings can quickly exceed the limit of your policy.</span></p>
<p><span style="color: #000000;"></span></p>
<h3><span style="color: #000000;">When  to Look for Bicycle Insurance</span></h3>
<p><span style="color: #000000;">Purchasing a bicycle insurance policy may make sense for you under the following circumstances:</span></p>
<ul>
<li><span style="color: #000000;">You paid a large chunk of change for your bike. While the average bike costs a few hundred dollars, some enthusiasts don't think twice about spending $5,000 to $10,000 for top-of-the line bikes. If you have a very expensive model, you may want to seriously consider buying comprehensive bicycle insurance.</span></li>
<li><span style="color: #000000;">You regularly ride off-road and want mountain bike insurance to cover you and your bike for damage and medical costs.</span></li>
<li><span style="color: #000000;">You do stunt riding or participate in BMX competitions, and you want bike insurance to cover potential injuries or damage.</span></li>
<li><span style="color: #000000;">You want bike insurance for a specialty bike that you had designed, upgraded or modified. If you have a one-of-a-kind bike, you may want to get it appraised by a bicycle expert who can put the estimated value in writing.</span></li>
<li><span style="color: #000000;">You don't have a homeowners policy or renters insurance that could potentially cover your bike against loss, damage or theft.</span></li>
<li><span style="color: #000000;">You don't have health insurance to cover your injuries or hospitalization expenses if you are severely injured in a bike crash.</span></li>
</ul>
<p><span style="color: #000000;">Some people want coverage year-round, while others are only interested in 6-month bike insurance, because they only ride during the warmer months. </span></p>
<p><span style="color: #000000;">However, be sure to evaluate the possibility of your bicycle being damaged or stolen while in storage before determining that you only need coverage for a portion of the year.</span></p>
<p><span style="color: #000000;"></span></p>
<h3><span style="color: #000000;">Considerations When Looking for Bike Insurance Quotes</span></h3>
<p><span style="color: #000000;">The following are some of the factors to consider when searching for bike insurance quotes.</span></p>
<ul>
<li><span style="color: #000000;"><strong>Value</strong>: The value of the bike is the main determinant when calculating how much coverage you need. In addition to purchase price, be sure to include the value of any additional equipment or features you’ve added on, including tools, speedometers and panniers. Be sure to keep all receipts so you have the proper documentation, if it is ever needed for a claim.</span></li>
<li><span style="color: #000000;"><strong>Type of bike</strong>: The type of bike also affects the amount of coverage needed and the price of the quote. This factor, as well as how you use the bike, will determine your risks. A stunt bike is considered a bigger risk than a regular bike, and will cost more to insure.</span></li>
<li><span style="color: #000000;"><strong>Your use of the bike</strong>: Be sure to tell your agent how and where you ride. A bike used for commuting to work won't cost as much to insure as a bike used on mountain trails. Furthermore, if you use your bike daily, you might want to seek higher coverage than if you only use it occasionally.</span></li>
<li><span style="color: #000000;"><strong>Depreciation</strong>: The value of any asset depreciates over time. Even if you’ve only just taken your brand-new, $11,000 SL4 Di2 out on the road, its value has already diminished. Normally, insurers pay actual cash value (the cost of a new bicycle minus the depreciation), so it might be worthwhile considering replacement cost coverage for a high-end bike. If you have coverage for the replacement value, you will be able to replace your bicycle with a bike of similar quality after a loss.</span></li>
<li><span style="color: #000000;"><strong>Limits and deductibles</strong>: With nearly all insurance plans, paying higher deductibles lowers your premium. However, a high deductible increases your out-of-pocket costs in the event of a loss. Choosing a higher limit means a higher premium, but better coverage if your bicycle is stolen or destroyed.</span></li>
</ul>
<p><span style="color: #000000;"></span></p>
<h3><span style="color: #000000;">How Much Is Bicycle Insurance and How Do You Get It?</span></h3>
<p><span style="color: #000000;">There are many factors that will affect your bike insurance costs. As a general rule, you can expect to pay $250 to $300 per year.</span></p>
<p><span style="color: #000000;">There are a few different ways to get the coverage you need for yourself, your bicycle and the cyclists in your family:</span></p>
<ol>
<li><span style="color: #000000;">Add bicycle coverage to your homeowners or renters policy with a separate rider or endorsement that will cover the loss of your bike at replacement cost value.</span></li>
<li><span style="color: #000000;">Get a separate insurance floater specifically to insure your high-end bicycle.</span></li>
</ol>
<p>&nbsp;</p>
</div>
</div>
<div align="center" style="text-align: justify;"><span style="color: #000000;"></span></div>
<div align="center" style="text-align: justify;"><span><span style="color: #000000;">To read the full article, </span><a href="https://www.trustedchoice.com/homeowners-insurance/contents-personal-property/bikes/">click here</a><span style="color: #000000;">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]