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Bicycle Insurance: When a Rider May Want a Rider

Contact Abbate Insurance for Your Bicycle Insurance in New Haven, CTPedal your way to bicycle safety.

Bicycling for sport and for pleasure have increased dramatically since people have found benefits of cutting down their gas station stops and waistline. Because of this, roads are becoming cyclist-friendly!

For those cycling around the neighborhood and to and from work, it’s important to pedal to success of protecting your finances! Should you end up in an accident without sufficient insurance, you’ll be back-pedaling the whole way.

What’s the Best Way to Protect Your Ride?
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 peril that is covered by your policy.

Depending on whether your bike skills barely rival your 5-year old son’s or if you’re an avid cyclist, bikes can cost anywhere from a few hundred dollars to thousands. Protecting your investment through bicycle insurance can be covered in two types of coverages:

  • Actual Cash Value – This would reimburse you for what the bicycle is actually worth, minus depreciation. For example, a 10-year-old bicycle would be valued at the cost of a comparable model, minus 10 years of depreciation.
  • Replacement Cost Coverage – This reimburses you for what it would cost to replace your 10-year-old bicycle with one of like kind and quality at the current cost. Replacement cost coverage costs about 10 percent more than actual cash value, but is worth the investment!

Tips for Preventing an Accident:

  • Always wear a helmet
  • Learn (and follow!) the rules of the road for bicyclists
  • Always be visible to other motorists!
  • Drive with care
  • Never hear headphones when bicycling

To ensure that you and your bicycle are safe on the roads, contact Abbate Insurance for a tailored policy as customized as your pair of wheels. Visit us in New Haven, Connecticut today to get started!

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