You get auto insurance to cover you for a car accident and homeowner’s insurance to protect your home, but what about your bicycle? Do insurance companies offer bicycle insurance? This may be an important thing if you ride your bike a lot and face the potential of an accident or other issue with your bike.
According to Progressive, you usually do not need an insurance policy specifically for your bicycle because your other insurance policies will typically cover any needs you have. As long as you have auto insurance and either renter’s or homeowner’s insurance, you should have coverage for a variety of issues you have with your bicycle.
In the event you have an accident on your bicycle, you can usually make a claim to your renter’s or homeowner’s insurance and get money to fix any damage to your bike. If you cause an injury accident, these policies may also payout on any claims against you.
When your accident involves a vehicle and injuries to you, your auto insurance will usually pay for some medical care. It may also pay for lost wages. If the other driver has no insurance, you may also get paid on a claim if you carry uninsured motorist coverage.
If you damage your bike in some way other than an accident situation, then your renter’s or homeowner’s insurance will likely cover the damage.
You should note that some companies may make you specify that you want coverage for your bicycle. Policies may also have exclusions for bicycles. It is imperative to know what your policy says and covers to avoid not having coverage when you need it.