Protect Your Ride: Why Every Athlete Needs Bike Insurance
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by BikeInsure
What is Bike Insurance?
Bicycle insurance is a separate policy to protect your bicycle, triathlon bike, or para-adaptive cycle against riding, transit, and theft risks. As Senior Director of Foundation Partnerships of USA Triathlon Ben Pickel pointed out, "It is no secret that the bicycle is the most expensive component of triathlon." Today's triathletes must opt for a separate bike insurance policy that helps reduce the financial risks associated with bike theft loss and the unexpected accident occurrences of riding and transit that all bicycle and e-bike owners face in the United States.
Buzzy Cohn, CEO of BikeInsure, the Official Bike Insurance provider for USA Triathlon, advised, "When a cyclist enrolls in separate bike insurance with BikeInsure for their bicycle, triathlon bike, or para-adaptive cycle, the coverage includes all listed attached accessories and components. This allows triathletes to ride with confidence, knowing they are only $100 deductible away from a solution if they experience a costly, unexpected accident while riding or in transit. It's important to note that 20% of all claims paid out by BikeInsure are for bike theft, so having bicycle theft protection can significantly reduce concerns about the risk of a stolen bike. Additionally, one of the benefits of the BikeInsure is that filing a claim will not affect any other policies, such as homeowners' insurance!"
Why shouldn't a Homeowners Insurance Policy be used to cover a bicycle?
Insurance experts recommend that homeowners view home insurance primarily as protection against significant losses rather than to cover specific items like bicycles. It is essential to consider the potential risks associated with bicycle accidents that could occur while riding or transporting the bike, as well as the possibility of theft.
Traditional homeowners' and renters' insurance typically does not cover damage incurred during triathlon races, as these policies usually exclude coverage for bicycles used in competitive cycling events. Therefore, it is advisable to obtain separate bike insurance. This type of insurance offers comprehensive coverage for the bicycle as well as for all non-stock accessories and components that are specified in the policy.
What are the costs associated with filing a homeowners insurance claim for a bike?
Triathlon bikes and adaptive cycles for individuals with disabilities are typically not covered by homeowners' insurance. It’s important for policyholders to understand the four challenges they may encounter when filing any type of homeowners' insurance claim, which can include high deductibles, increases in premiums, potential non-renewal of the policy, and complications related to the CLUE report.
1) Deductible: A standard deductible for homeowner's insurance usually ranges from $500 to $2,500, with higher-valued homes sometimes having deductibles of $5,000 or more.
2) Premium increase: When a homeowner files a claim, insurance premiums often increase significantly during policy renewal, sometimes by 25% to 60%, depending on the state of residence.
3) Non-Renewal: Insurance companies may choose not to renew (CANCEL) a policy if multiple claims are filed within three years, even if the homeowner has consistently paid their premiums.
4) CLUE Report: Lastly, insurance companies use a Comprehensive Loss Underwriting Exchange (CLUE) database to access consumer claims information when underwriting or rating an insurance policy, which can affect a homeowner's eligibility for coverage.
Why should a Scheduled Insurance Rider NOT be used to insure a bike?
Personal property insurance claims, even on a Scheduled Rider for a bicycle, jeopardize your homeowner's or renter's insurance policy by significantly increasing premiums and non-renewal (cancellation)!
What is the best insurance solution for a Triathlon Bike?
Every triathlete who owns a bicycle or a para-adaptive cycle should have a separate bike insurance policy. This type of insurance helps reduce the financial risks associated with bicycle ownership, including unexpected accidents that may happen while riding, during transit, or in cases of theft. The brilliance of the separate bike insurance from BikeInsure is that if a claim is required, it will never impact any other insurance policy.
There are only three bicycle insurance policies with comprehensive coverage approved in the United States. One of these is BikeInsure, which offers a comprehensive "Fixed-Price" bike insurance policy nationwide. This policy covers the enrolled bicycle and its equipment during competitive cycling events like triathlons at no extra fee.
Where can a Triathlete sign up for Bike Insurance?
BikeInsure is trusted as the Official Bike Insurance provider for USA Triathlon. USAT members can opt-in for discounted bike and para-adaptive cycle insurance at USATinsure.com.
Signing up for BikeInsure is easy and takes just two minutes. So, Get BikeInsure and enjoy the ride!
