You’re covered in a variety of situations
Theft and vandalism
Under personal property coverage on most home insurance policies, your bike may be covered for what it’s currently worth. You’re typically protected if the bike is stolen (or vandalized) pretty much anywhere, including your home, garage, at the park, etc. Same goes for renters or condo insurance. A deductible may apply and you’ll be covered up to the applicable limits of your home, condo or renters policy. The National Bike Registry estimates that over 1.5 million bicycles are stolen annually, and that number is on the rise thanks to the growing popularity of cycling. So you’ll want to make certain your bicycle is covered.
Physical damage coverage can depend on the situation. Here are a few common examples:
Bike damage from a car accident while being transported: Your homeowners, renters, or condo policy may cover your bike up to the limits of your policy. That includes situations where your bike is attached to a bike rack or mounted on your car.
You crash your bike: If your bike is damaged because you fell off it or collided with a tree, pedestrian, curb, etc., it won’t be covered by your home, renters, or condo insurer unless you added it separately to your policy. This is very easy to do, and is simply called scheduling your bike as an individual item on your policy. Some insurers, specifically renters insurers, may not allow you to schedule your bike.
See more on scheduling an item
A driver crashes into your bike: If you’re riding your bike and involved in an accident where the other party is at fault (e.g., they crash into you), their auto insurance policy covers the damage. If the at-fault driver is uninsured, then you’ll want to file a claim on your homeowners, renters, or condo policy.
Your injuries caused by biking accidents with a driver
If you’re injured in a bike accident, your health insurance will likely provide medical coverage. But your auto insurance may also cover your hospital bills, suffering, and lost wages. If you have personal injury protection or medical payments coverage (which can be optional coverages), your injuries will be covered. As with any auto insurance claim, you’re covered up to the specified limits of your coverage, and a deductible may apply. Remember, if you’re involved in an accident that isn’t your fault, then the at-fault party’s insurance should cover your bike and injuries. If the at-fault driver has no insurance, then the uninsured motorist insurance on your auto policy will kick in if you have that coverage.
Others’ injuries if you cause an accident
It’s true that bicyclists usually bear the brunt of any collision, but it’s possible for you to cause property damage or even injure or kill someone else while riding your bike. In those rare cases, the liability limits on your homeowners, renters, or condo policy will generally cover you if the accident was your fault.
When should I purchase separate insurance for my bike?
If you have an expensive bike, you may not receive the replacement value you’re looking for, as most insurers have limits on home, condo, and renters policies. For example, at ASI, one of the insurers in Progressive’s network and part of our family of companies, the limit on bicycles is $1,500. So if your bike is worth considerably more than that, you may want to purchase specialty bike insurance to keep it fully protected. Or, if you don’t want to manage two separate policies, just schedule it as an individual item on your homeowners policy.
Also, a deductible will apply to property damage on your home, renters, or condo policy. Keep in mind, insurers only pay out for damages above your deductible. So, if your deductible is $1,000 and your bike is worth less than that, your claim is nullified.