Bicycle Safety and Insurance

bicycle safety and insuranceWe came across this article from III.org that does a great job explaining how your bicycle is covered by insurance and some really good safety tips.  So we thought we would share that article with you as well.

Here are some excerpts from the article.  For the full article read here.

Bicycling is increasingly popular, both as a sport and as a means of transportation. And bicycles can cost anywhere from several hundred dollars for a basic bike to thousands of dollars for specialized racing bikes. Whether you use your bicycle to commute to work or simply like to cycle around the block with your children, it is important to understand the rules of the road and protect your financial investment with the proper insurance.
Bicycles are covered under the personal property section of standard homeowners and renters insurance policies. This coverage will reimburse you, minus your deductible, if your bike is stolen or damaged in a fire, hurricane or other disaster listed in your policy.
If you are purchasing a new bike, keep the receipt and call your insurance agent or company representative immediately. If you own a particularly expensive bicycle, you may want to consider getting an endorsement that will provide additional coverage. Your insurance agent or company representative can review your coverage options with you.
There are two types of coverage for personal property:
  • Actual Cash Value – reimburses you for what the bicycle is actually worth given its age. A 10-year-old bicycle, for example, would be valued at the cost of a comparable bicycle minus 10 years depreciation.
  • Replacement Cost Coverage – reimburses you for what it would cost to replace your 10-year-old bicycle with one of like kind and quality at current cost. Replacement cost coverage costs about 10 percent more than actual cash value, but it is a good investment.
It is even more important to keep yourself and your family safe while you are riding. The National Highway Traffic Safety Administration suggests that cyclists follow these seven rules:
  1. Protect Your Head
    Never ride a bike without a properly fitted helmet.
  2. Assure Bicycle Readiness
    Ride a bike that fits you and check all parts of the bicycle to make sure they are secure and working well.
  3. Learn and Follow the Rules of the Road
    Bicycles are considered vehicles on the road; therefore riders must follow the same traffic laws as drivers of motor vehicles.
  4. Act Like a Driver of a Motor Vehicle
    Always ride with the flow of traffic, on the right side of the road, and as far to the right of the road as is practicable and safe.
  5. Be Visible
    Always assume you are not seen by others and take responsibility for making yourself visible to motorists, pedestrians and other cyclists.
  6. “Drive with Care”
    When you ride, consider yourself the driver of a vehicle and always keep safety in mind. Ride in the bike lane, if available. Take extra care when riding on a roadway. Courtesy and predictability are key to safe cycling.
  7. Stay Focused. Stay Alert
    Never wear headphones as they hinder your ability to hear traffic. Be aware of your surroundings and ride defensively.

Penny Hanley & Howley Insurance

Protecting YOU is our Job

 

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