Advice About Bicycle Insurance
By The Basic Bicycle Team

I thought that I needed to insure my bicycle against theft. I’ve heard that bikes get stolen every day in my city and I want bicycle insurance to cover my investment. I am very careful about locking my bike up every time I get off of it. I use a really nice U-Lock and wear the key on a chain around my neck. I found out that one of my friends was dating an insurance salesman and contacted him with my questions.

I asked him about bicycle insurance and he said that my homeowners or renters insurance policy would cover my bicycle if it was stolen. He said that there were a lot of limitations and exclusions, though. He said that my bike would probably have to be stolen from my home to be fully insured.

I was thinking that if I had bicycle insurance and my bike was stolen, insurance money would buy me a new one. That turned out to be untrue. The agent I talked to told me that if my bike was covered, I would be reimbursed for the value