Yes, you read that correctly. Bicycles. If you or your clients are under the impression that an auto, renter's or homeowner's insurance policy is an adequate way to cover today's bikes—particularly the sleek and expensive models favored by serious enthusiasts—think again.
There's a certain amount of liability or theft coverage available on an existing home, auto or renter policy for bicycles. However, exclusions and limitations—not to mention deductibles—can take a real bite out of any settlement check.
Worse yet, exclusions and limitations could mean that the hobbyist or weekend road warrior could find herself stranded in case of an accident or theft, or have to fund the cost of equipment replacement or medical bills. Even if coverage for a given incident is adequate, what about premiums? A claim for a bike-related loss could drive up the cost of coverage or even result in a policy not being renewed.
Depending on the company, policies in the niche market that caters to cyclists offer everything from roadside assistance and rental bikes to repairs, theft and liability coverage. Options available vary from company to company and depend on the specifics of the insured's bike and circumstances, but cyclists now have options they may not have considered unless trouble occurred and they learned the hard way.
One such company is Velosurance, which was, according to the company, "founded in 2012 by Dave Williams and Denis Voitenko, both serious cyclists who set out to fix the problem of substandard insurance coverage for bicycles." The pair partnered with A.M. Best A-rated Markel American Insurance Company to come up with coverage that can protect cyclists not only at home, but around the country and even in other countries.
While policies are not available in all 50 states, the company is nationwide and partners with bike shops across the nation so policyholders have somewhere to turn in case of loss. For clients who need legal representation, the company has a national list of attorneys who are also cyclists.
