Forward Bank

Bicycles are more than just a means of transportation: they’re a lifestyle choice for many. Making sure your bicycle is protected is therefore more important than you may realize for protecting your way of life. Here’s some good news for you: many home insurance policies can actually provide coverage for certain bike-related incidents. Here are a few situations in which your policy may come in handy.

Your bicycle is stolen.

In the event of a theft, your home insurance policy’s personal property coverage will typically cover the current value of your bike. Considering how common bicycle theft is, understanding how your insurance can address it is crucial.

You or another person is injured in an accident.

In the unfortunate event of an injury related to a bike accident involving a vehicle, the at-fault party’s auto insurance could cover medical bills. If you’re at fault for property damage or injuries to others through a cycling accident, your personal liability coverage on your home insurance may cover it.

Damage to your bicycle.

Bike damage can happen for many reasons, from car accidents to collisions to simple falls. Your policy may cover damages resulting from these scenarios, depending on the circumstances.

After you’ve checked what your insurance covers, if you own a sparkly, high-value bike and the limits on your existing policy fall short, it might be time to explore separate bicycle insurance. Some insurers have specific limits on home policies, so opting for specialty bike insurance can ensure you get the best coverage.